Dhammika Perera enters Commercial Bank’s top 20 shareholder list

Billionaire businessman Dhammika Perera has entered the top 20 shareholder list of Sri Lanka’s top private sector bank, Commercial Bank of Ceylon PLC, for the first time becoming its 14th largest ordinary voting shareholder in the quarter ended on June 30, this year.

According to Commercial Bank’s latest quarterly interim financial statements, Perera owned a 1.45 percent stake or 16.29 million ordinary voting shares of the bank, as of June 30, 2021.

In the second quarter, two UK-based funds were the main sellers of Commercial Bank shares.

Aberdeen Standard Investment Holdings’ Asia Dragon Trust, which had a 0.83 percent stake in Commercial Bank in the first quarter, being the 16th largest shareholder, didn’t appear among the top 20 shareholders of the bank in the second quarter.

According to the latest disclosures of the fund, it had reduced its exposure to Sri Lankan securities to 0.3 percent during the quarter, from one percent in the previous year.

Similarly, LF Ruffer Pacific and Emerging Markets Fund, which was the 19th largest shareholder of Commercial Bank, with a 0.66 percent stake in the first quarter of the year, didn’t appear among the top 20 largest shareholders of the bank in the second quarter, effectively reducing its exposure to Sri Lankan equities to 6.4 percent in the second quarter, from 7.4 percent in the previous quarter.

Along with Perera, Southern Province-based Andaradeniya Estate (Pvt.) Ltd, controlled by Dr. W. Jinadasa, also appeared among the top 20 shareholders of the bank. Andaradeniya Estate had a 0.48 percent stake, with 5.35 million ordinary voting shares in the bank, as at June 30, 2021.

During the quarter, Commercial Bank shares were trading between the Rs.79.00-92.30 range per share. The bank’s shares closed at Rs.83.50 a share on August 17, down 12 percent.

DFCC Bank PLC maintained its position as the single largest shareholder of Commercial Bank, with a 12.02 percent stake, followed by a 9.88 percent stake held by Indra Traders’ Y.S.H.I. Silva and the Employees’ Provident Fund (EPF), with a 8.62 percent stake.

The International Finance Corporation (IFC) held around 14.4 percent stake of Commercial Bank, altogether including direct holdings and through two of its funds.

Harry Jayawardena-controlled Melstacorp PLC maintained its position as the sixth largest shareholder of the bank, with a 4.14 percent stake.