Prabash Subasinghe doubles Sampath stake to 10%

Top business leader Prabash Subasinghe last week doubled his stake in the Sampath Bank increasing his holding to 38.14 million shares (10%) through a major transaction concluded on Mar. 3, Sampath announced through a stock exchange filing.

A share split in Sampath is pending with each existing share due to be subdivided into three. Following shareholder approval at a general meeting to be held on Mar. 17, post-split trading of Sampath will commence on Mar. 23, the bank announced.

Subasinghe, a major player in the country’s seafood industry since 1999 and in rubber exports from 2002 has since been investing in many public listed companies now owning 18% of Resus Energy (renewable energy) and a minority stake in Pan Asia Power.

He’s the largest individual investor in Ceylinco Insurance (near 30%) but without a board seat. He has also invested into Sanasa Development Bank (15%) where he holds a board seat and has invested in a luxury 416-apartment complex, Aqua Vita, in Hulhumale in the Maldives.

Subasinghe became a major shareholder of Sampath in June 2019 when unsubscribed rights issue shares were placed with him at Rs. 136 each.

Last week’s Sampath deal done through his Ayenka Holdings and related parties has made Subasinghe the second largest shareholder of Sampath ahead of the EPF which holds 9.97%. The largest individual shareholder of the bank is the Dhammika Perera controlled Vallibel One PLC owning 15%.

Indra Traders own 8.2% and its MD, Rushanka de Silva, is Deputy Chairman of Sampath. Tuesday’s trades in Sampath when Subasinghe nearly doubled his stake was done around Rs. 150. Sampath closed on the CSE on Friday at Rs. 150.25, dsown 25 cents on 1.03 million shares transacted in 815 trades between Rs. 149.25 and Rs. 152.75.