HNB to sell stake in Oman exchange house for Rs. 70 m

Friday, 2 August 2013 03:38 - - {{hitsCtrl.values.hits}}

Hatton National Bank (HNB) said yesterday it plans to sell its 40% stake in Majan Exchange LLC, Oman for Rs. 70 million subject to regulatory approvals. It said that Majan Exchange is a company incorporated and registered in UAE and functions as an exchange house. The HNB stake will be sold to a foreign buyer. Regulatory approvals from UAE and Sri Lanka have been sought. “The bank is expecting to receive a sum of 203,994 Omani riyals being the purchase consideration. However the payment terms would be in accordance with the Sale and Purchase Agreement entered into with the buyer,” HNB said. The exchange rate of an Omani riyal was approximately Rs. 342. HNB also said in the interim it has agreed to assist Majan with its management through a transitional service agreement. In January, HNB announced it was divesting 20% stake in UAE-based Delma Exchange.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.