Ceylinco group chairman Deshabandu Lalith Kothalawala said he decided to divest group stake in Seylan Bank to raise funds to pay back failed company (Golden Key) public deposits.

Selling controlling stake in a bank is not an easy task in Sri Lanka as it has to get approval from Central Bank.

Most probably the buyer will be existing local bank. Seylan shares last traded price was Rs.15.75.

We have to wait till Monday 29th December to see Seylan share price with this announcement.

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