NSB buys 13% stake in The Finance at a hefty premium

Saturday, 28 April 2012 00:00 - - {{hitsCtrl.values.hits}}

National Savings Bank (NSB) yesterday bought 13% stake in The Finance Company Plc for Rs. 393 million.

The stake amounting to 7.863 million shares was done at Rs. 50 each or an average price of Rs. 49.74 per share. Sellers were Dinal Wijemanne and Rayynor Silva, who had booked a tidy profit from the sale. The transaction triggered much discussion as it took place after TFC opened trading at Rs. 30.

The transaction price reflects a Rs. 20 or 66% above the market.

TFC sources said that there was inherent value in the Company and its future potential as well as envisaged synergies from NSB as a shareholder. However TFC net assets were a negative Rs. 23.57 as at end 2011. It has retained loss of Rs. 9.4 billion as well. Assets were worth Rs. 21 billion whilst liabilities were Rs. 24.2 billion.

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.