Taprobane buys 9 percent of PABC

9 July 2014 08:30 am - 0     - {{hitsCtrl.values.hits}}

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High net worth investor Ajith Devasurendra led Tabrobane Holdings yesterday bought a 9.1 percent stake in Pan Asia Banking Corporation PLC (PABC), of which business leader Dhammika Perera is the main shareholder.

The market today saw the crossing of 26, 868, 815 PABC shares at Rs.20 per share.

The seller is believed to be high net worth investor Dr.T.Senthilverl who held 26, 895, 935 PABC shares at at March 31, 2014 through a margin facility obtained from Seylan Bank PLC.

Dr.Senthilverl recently bought 10 percent stakes in Adam Investments PLC and Sunshine Holdings PLC.

Dhammika Perara held 29.99 percent stake in PABC as at March 31, 2014 while Japan's Bansei Securities Co. Ltd held a 15 percent stake.

For the first quarter ended March 31, 2014, PABC saw its net profit deteriorating 43 percent year-on-year to Rs.81.6 million amid higher impairments on loans and other losses.

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