JKH seeks more time to reduce NTB stake

John Keells Group (JKH) is seeking an extension from the Central Bank to reduce its shareholding in Nations Trust Bank PLC (NTB).

JKH currently holds 29.48 percent of the issues shares of NTB, despite maximum of 15 percent allowed for a single entity/person to hold in 
the bank.

By a letter dated December 21, 2020, the Director of Bank Supervision of the Central Bank had directed JKH to reduce its voting shareholding in NTB to 20 percent on or before December 31, 2021 and to 15 percent by December 31, 2022.

“We wish to inform you that we have written to the Central Bank of Sri Lanka requesting an extension of the deadline and formal response is awaited,” JKH said in a stock market filing on Friday.