Events Banking and Finance

Ceylon Steel buys 9.99% stake in HNB from Browns Investments in Rs. 13.9bn deal

Ceylon Steel Corporation has acquired a 9.99% stake in Hatton National Bank PLC (HNB) from Browns Investments PLC in a landmark stock market transaction carried out this morning (May 27).

The negotiated deal involved the transfer of 45,317,177 voting shares at Rs. 305.00 per share, generating a turnover of Rs. 13.82 billion. The transaction marks one of the largest deals on the Colombo Stock Exchange in recent times.

Capital Alliance Securities (Pvt) Ltd acted as the broker for the buyer, Ceylon Steel Corporation, and facilitated 60% of the trade on behalf of the seller, Browns Investments PLC.

Prior to the sale, Browns Investments held 9.99% of the voting share capital in HNB, making it the largest single shareholder.

The high-value transaction significantly boosted market activity, pushing the day's total turnover beyond Rs. 17 billion within the first four hours of trading.