Dunamis Group subsidiary First Capital buys DNH

Wednesday, 3 April 2013 01:30 - - {{hitsCtrl.values.hits}}

First Capital Holdings Plc, a subsidiary of Dunamis Capital Plc, yesterday announced plans to buy stock broking firm DNH Financial Ltd., for Rs. 180 million.

Without disclosing the entity, FCH said a subsidiary would acquire 100% of DNH whilst effective holding of FCH would be 70%.

A share sale agreement will be executed by the parties subsequent to receiving approval of the transaction by the Colombo Stock Exchange and the Securities and Exchange Commission.

FCH has had negotiations with Environmental Resources Investment Plc, which owns DNH Financial.

In a separate announcement Dunamis Capital said it was not in negotiations with ERI on the acquisition of DNH but First Capital Holdings, a subsidiary of Dunamis, was.