Harry Jayawardena-controlled Stassen Group’s relationship with Sampath Bank ended this week after the company and its related parties sold nearly 10% it owned in the bank, to the Employees Provident Fund (EPF), analysts said.
In 2000, Mr Jayawardena failed in a bid to take over the bank. Stassen’s sold its 5% in Sampath while Piyadasa Singappuliarachchige Don, who takes care of the group’s warehousing and packaging, disposed his stake of 4.04%, they said.
Mr. Don is also a director at Royal Blenders which does the packaging for Stassen’s. Mr. Don told the Business Times that he sold his shares to EPF, “I’m not interested in this share (that’s why I sold them).”
The other two Stassen directors – Raj Obeysekera and Zaki Alif - with whom Mr. Jayawardena is having an acrimonious relationship and had wanted the Stassen’s holding in Sampath disposed long ago are said to be relieved by this sale, sources close to these directors said. “When Mr. Jayawardene’s takeover bid at Sampath in 2000 failed they (two directors) wanted these shares to be sold,” a source said.
On Thursday, the state fund bought these shares amounting to more than five million at Rs 328 per share, which the brokers said was a highly discounted price when compared to the Rs 370 levels this share has touched during the past months. |
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