Global Rubber ups Sanasa stake over 10%

Leading industrial rubber tyres manufacturer Global Rubber Industries Private Limited has upped its stake in Sanasa Development Bank PLC (SDB) to 10 percent, a stock market filing said. As at December 31, 2015, Global Rubber Industries held 2.79 million shares of SDB which represented 6.94 percent of the issued shares of the bank.

The single largest shareholder of SDB as at the same date was high net worth investor Dr. T Senthilverl, who held a 14 percent stake. “Please be informed that our client Global Rubber Industries has purchased shares today (26.04.2016) in Sanasa Development Bank PLC, thereby increasing their total holding over 10 percent of the company,” Asia Securities said in the filing. According to regulations, an entity or an individual can only hold up to 10 percent of a banking institution in Sri Lanka but with special approval from the Central Bank, it can go up to 15 percent.