In a landmark stock market transaction, Ceylon Steel Corporation has acquired a 9.99% stake in Hatton National Bank PLC (HNB) from Browns Investments PLC in a deal valued at Rs. 13.82 billion.
The transaction, executed on the morning of May 27, involved the transfer of 45,317,177 voting shares at Rs. 305 per share, making it one of the largest deals on the Colombo Stock Exchange (CSE) in recent history.
Capital Alliance Securities (Pvt) Ltd. acted as the broker for Ceylon Steel and also handled 60% of the sale on behalf of Browns Investments. The strategic divestment sees Browns relinquishing its position as the largest single shareholder in HNB, a stake it held at 9.99% prior to the deal.
This high-profile acquisition significantly boosted market activity, with total turnover on the CSE surpassing Rs. 17 billion within just the first four hours of trading—a rare spike in volume that underscores the magnitude of the deal.