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. 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 complements some of its plans in the financial service sector.