A large Colombo stockbroking house is in the market either for part or full divestment by the major shareholder, according to stock market sources.
“The major shareholder, who is a foreign party, has given the mandate to sell this to some connected parties and they are showing it to interested parties,” a well-informed source told the Business Times.
He said they are either looking to sell a part or full stake in the company and already have had discussions with some interested parties. “Some interested parties have already sent bids and the negotiations are on,” he said. The company wants to pursue other businesses in other countries, according to the source. He added that the mandate to sell was given late last year.
“They’re to divest some subsidiary companies as well,” the source said. The source said they want to only retain their leisure arm. The company has interests in securities, finance and private equity which include tea, leisure, IT and digital entertainment.