Browns Returns To HNB 
Posted 5,May

By Chaveendra Dunuwille

In Local News

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Marking the Browns Group retirement to HNB, Browns Investment PLC (BIL) led  by Ishara Nanayakkara has become the single largest shareholder in Hatton  National Bank, Sri Lanka’s second largest private bank. 

BIL who have been collecting HNB shares since April, yesterday (4th of May, 2021)  purchased a total of 8.47 million HNB shares at LKR 130 per share producing a  turnover of LKR 1.1 billion. The intraday high of the share was recorded at LKR  130.75 while the market closed with a recorded share price of LKR 128.25. 

With the purchase of shares Browns is now considered as the single largest  shareholder in HNB and joins Sri Lanka Insurance which holds 13.35% shares  through two separate funds, Employers provident fund that controls 9.75% of  the assets and Harry Jayawardana who collectively controls 17.83% of the  shares through the collection of Milford Exports (Ceylon) Ltd., Stassen Exports  Ltd. And the Distilleries Company 

The acquiring of shares comes at a time when the Central Bank has called on a  renewed sense of consolidation in the banking sector. Browns which already has  control of 23% of the voting shares in Seylan Bank expressed that the recent  acquisition was part of exploiting a good investment opportunity.