Ambeon Capital PLC, under new owners, last week acquired a 9% stake in DFCC Bank for Rs. 3.3 billion with the move described as “strategic and long-term.”

On 13 November, the day before the General Election, 38.98 million shares of DFCC Bank traded at Rs. 85 per share via 9 crossings. Overall, 40.9 million shares traded for Rs. 3.4 billion accounting for 50% of Wednesday’s turnover.

The seller was Don and Don Holdings Ltd., which held around 40 million shares as at 30 September 2024. The market analysts speculate Don and Don is related to controlling shareholders/management of LOLC Holdings. Separately, LOLC Investment Holdings Three Ltd., owns a 9.75% stake in DFCC Bank.

Sources close to Ambeon Capital said the acquisition was “strategic and long-term” as it sees future upside and compliments with some of its plans in the financial service sector.

https://www.ft.lk/front-page/Ambeon-Capital-buys-9-DFCC-stake-for-Rs-3-3-b-says-move-is-strategic/44-769477: Ambeon Capital buys 9% DFCC stake for Rs. 3.3 B