Business

Investor Prabhash Subasinghe buys 5% of Sampath shares and enters Board

Business tycoon Prabhash Subasinghe has purchased 5% of the shares of Sampath Bank through its recent Rights Issue and has been invited to its Board of Directors, The Sunday Morning Business learns.

Subasinghe is Chairman of Global Rubber Industries (Pvt) Ltd., Managing Director at Global Sea Foods (Pvt) Ltd., and Chairman at Sri Lanka Association of Manufacturers and Exporters of Rubber Products.

With the addition of Subasinghe, the Board of Sampath Bank has 15 members, led by Chairman Malik Ranasinghe.

Subasinghe is also on the board of SANASA Development Bank Plc and The Sri Lanka Society of Rubber Industry. He is a former President of Seafood Exporters Association of Sri Lanka.

He holds over 30% of shares at Ceylinco Insurance PLC, under his name and through Global Rubber Industries and Global Sea Foods (Pvt) Ltd.

On March 1st Sampath Bank announced a rights issues in early June of 89 million but the issue was under subscribed with only 61.5 million rights being collected by shareholders. The bank announced on 28th July that the allotments amounting to 25.4 million shares were made to investors sourced by the Board.

Sampath shares were trading at Rs.231 when the rights issue was announced on 1st March, but is currently trading at Rs. 142.