Dhammika Perera sells part of commercial bank stake for Rs. 5.5 billion

Billionaire businessman and investor Dhammika Perera has divested a portion of his holdings in Commercial Bank, generating a total of Rs. 5.5 billion.

The significant transaction involved the transfer of 26.55 million voting shares of Commercial Bank for Rs. 195 per share.

This block of shares was traded through 39 separate crossings on the stock exchange.

Overall, Commercial Bank saw a total of 29 million shares traded, amounting to Rs. 5.68 billion.

This substantial trading activity accounted for 43 % of the day’s total market turnover of Rs. 13.3 billion.

Following the news, Commercial Bank’s voting share closed the day's trading at Rs. 203.25, marking a 3 % increase, or Rs. 6.25.

The Commercial Bank shares form part of Perera's general trading portfolio and are not considered a long-term strategic investment.

Before this sale, Perera had been reducing his holding in the bank.

As of the end of June, he was the 11th largest shareholder with 39,226,489 voting shares, equating to a 2.5 % stake.

This is a reduction from his position at the end of last year, when he was the 8th largest shareholder, holding 55.2 million voting shares or a 3.66 % stake.

Perera's core, strategic interests in the banking sector remain with Sampath Bank and Pan Asia Bank.