DFCC enters into agreement to divest 50% stake in Acuity Partners to HNB

DFCC Bank has entered into Share Sale and Purchase Agreement to divest its 50 percent stake in Acuity Partners to Hatton National Bank (HNB) after months of negotiations, as per a stock exchange filing.

“Having concluded the negotiations with regard to revised terms and conditions, the joint venture parties entered into a Share Sale and Purchase Agreement. 

The transfer of the 50 percent stake held by DFCC Bank PLC in Acuity Partners (Pvt) Ltd in the name of Hatton National Bank PLC will take place upon the receipt of the respective approvals from the regulator/s,” it stated.

Two banks in mid December last year agreed to reach an agreement with regard to the revised terms and conditions, subject to regulatory clearances.

Acuity Partners currently operates as a joint venture between HNB and DFCC Bank. 

On August 30, last year, the board of directors of DFCC granted approval to divest DFCC’s 50 percent stake in Acuity Partners, for Rs.7 billion to HNB. However, DFCC Bank in November this year announced that the bank had reversed its decision to sell its stake in Acuity Partners to HNB, while noting that it remains open for discussions. 

(NF)