Namunukula buys 0.95% NDB stake for Rs. 555.4 m

Tuesday, 30 December 2025 01:29 - - {{hitsCtrl.values.hits}}

Namunukula Plantations PLC on Friday said it had purchased 4,039,426 ordinary shares of National Development Bank PLC (NDB) from Arpico Insurance PLC for a total consideration of Rs. 555.41 million.

The company said the 0.95% stake was acquired at a price of Rs. 137.50 per share.

Namunukula Plantations and Arpico Insurance are subsidiary companies of Richard Pieris & Company PLC and, accordingly, the transaction constitutes a related party transaction in terms of the Colombo Stock Exchange (CSE) Listing Rules.

The company said the transaction falls under non-recurrent transactions as defined by the Listing Rules and does not exceed the limits applicable for such transactions.

Namunukula Plantations closed Friday Rs. 9.25 on the up at Rs. 644.75, while Arpico Insurance close flat at Rs. 34.70.

NDB gained Rs. 2 to close the week at Rs. 139.50.

As of end-September 2025, Standard Chartered Bank Mauritius was the top shareholder of NDB with a 9.94% stake, followed by the Employees’ Provident Fund with 9.46%, Bank of Ceylon with 7.91%, and Richard Pieris & Company Ltd., with 6.18%. Arpico Insurance was the 17th highest shareholder with a 0.95% stake comprising nearly 4.04 million shares, now held by Namunukula Plantations.