Ashok keen to buy more of NDB

Monday, 22 August 2011 01:00 - - {{hitsCtrl.values.hits}}

Deputy Chairman Ashok Pathirage is keen to buy more shares of NDB Bank, if available at the right price.

On Friday, Ashok, who is the Chairman of Softlogic Holdings, bought 470,000 shares at Rs. 135 each in a deal worth Rs. 63.4 million. This was after he picked up one million shares at the same price on Thursday.

The 1.5 million shares in NDB Bank amounts to nearly a 1% stake, for which he had spent around Rs. 202 million. Ashok bought these shares from a foreign party.

“I am keen to buy more NDB shares if available at the right price, because I have confidence in the ongoing moves to make the Bank more dynamic and successful,” Ashok told the Daily FT.

In February this year Ashok, considered as one of the most dynamic and successful businessmen, was appointed to the Board of NDB Bank, whilst last month he was made Deputy Chairman, a newly-created post.

Originally appointed as a Non Executive Director, Ashok has now become the Director with the largest shareholding. State entities/funds Bank of Ceylon, EPF, SLIC, ETF and NSB collectively own a 33% stake in NDB Bank.

Following the demise of Manik Nagahawatte, another business leader and long-standing Director, Hemaka Amarasuriya was appointed as the Chairman of NDB Bank.

Since July last year the NDB Bank Board has seen several new faces. In one go, Sarath Wickramanayake, Anura Siriwardena and Kimarli Fernando were appointed, followed by Sujeewa Rajapaksa and Ashok.