Mar 31, 2017

Perpetual Treasuries tries to unlawfully acquire HDFC shares Featured

Perpetual Treasuries, which is implicated in the controversial Central Bank bond sales, is also engaged in an attempt to unlawfully acquire shares of the Housing Development Finance Corporation (HDFC), Lanka Bank Employees Union has warned the government.

A union spokesman has told Ravaya that PT was making the attempt by making a direct buying of 10 per cent of HDFC shares presently owned by the National 

Housing Development Authority (NHDA).

The NHDA has a majority stake (49.73 pc) in the HDFC, out of a 51.2 pc state ownership, with the National Water Board, SEMA, UDA and the State Engineering Corporation being the other state stakeholders.

Previously, PT bought 10 pc private sector owned shares of HDFC and transferred same to its shadow company Thurston Investments in order to evade a requirement that non-state stakeholder can own a maximum 15 pc shares of HDFC only.