Try GOLD - Free
Dhammika returns to market; buys Nahil-founded East West for Rs. 3.2 b
Daily FT
|July 09, 2025
Picks up 107 m shares at Rs. 30.20 each; majority of Wijesuriya family members sell out
-
■ Dhammika says acquisition was on future upside of both company and its businesses
■ East-West's core business is in real estate development among others; post Dhammika takeover share price jumps by 22%
BUSINESS leader Dhammika Perera yesterday returned to the market buying control of East-West Properties PLC-founded by tycoon turned philanthropist Nahil Wijesuriya for Rs. 3.2 billion.
Buying under his Dhammika Perera name as he once used to, Dhammika picked up 77.4% stake or 107 million shares of East West at Rs. 30.20 each via four crossings. The acquisition by Dhammika saw the share price of East West jump by 22.3% or Rs. 5.80 to close at Rs. 31.80. Overall, East West Properties saw 115.477 million of its shares change hands via 1,726 trades for Rs. 3.488 billion.
All major shareholders have sold out to Dhammika.
This story is from the July 09, 2025 edition of Daily FT.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 10,000+ magazines and newspapers.
Already a subscriber? Sign In
MORE STORIES FROM Daily FT
Daily FT
UN warns "world is not prepared” for escalating climate disasters
THE United Nations yesterday issued a stark warning that the world is increasingly vulnerable to extreme weather events, with current systems, financing and infrastructure far from adequate to handle the accelerating pace and scale of dimate-related disasters.
2 mins
December 12, 2025
Daily FT
Assetline Finance's landmark Rs. 5 b listed debt issue oversubscribed
Subscription list closes on opening day as investors grab initial offer and option
1 min
December 12, 2025
Daily FT
US Fed delivers third rate cut of the year
THE US Federal Reserve lowered its benchmark federal funds rate by 25 basis points on Wednesday to a range of 3.5%-3.75%, marking the third cut this year.
1 min
December 12, 2025
Daily FT
ADB grants $ 200 m loan for water, food security in North Central Province
THE Asian Development Bank (ADB) yesterday said it has approved a $ 200 million loan to support the ongoing Mahaweli Development Program, Sri Lanka's largest multi-use water resources development initiative.
2 mins
December 12, 2025
Daily FT
Banking assets up 16% YoY to Rs. 24.5 t in 9M
THE banking industry expanded its balance sheet in the nine months to end-September 2025, with total assets increasing to Rs. 24.5 trillion and Profit After Tax (PAT) rising to Rs. 279 billion, according to Central Bank data.
1 min
December 12, 2025
Daily FT
Cabinet green lights procuring range of vehicles and equipment to boost primary health care system
THE Cabinet of Ministers on Wednesday approved the procurement of a wide range of vehicles and equipment to improve the country's primary health care system.
1 mins
December 12, 2025
Daily FT
Cabraal discharged on condition he compensates Central Bank in three months
Lawyer argues his client had no intention of causing financial loss to GoSL
2 mins
December 12, 2025
Daily FT
New 3% concessionary loan scheme to support 130,000 MSMEs from next year
IN a bid to revitalise micro, small, and medium enterprises (MSMEs) affected by recent disasters, the Government has decided to launch the RE-MSME PLUS and RE-MSME Disaster Relief loan schemes from 2026.
1 min
December 12, 2025
Daily FT
A new era for microfinance and money lending in Sri Lanka
Understanding the Microfinance & Credit Regulatory Authority Act 2025
4 mins
December 12, 2025
Daily FT
US ready for tariff talks with Sri Lanka
THE President's Media Division yesterday said that visiting US Under Secretary of State for Political Affairs Allison Hooker has conveyed to President Anura Kumara Dissanayake that the US has drawn its attention to restarting tariff negotiations with Sri Lanka.
1 min
December 12, 2025
Listen
Translate
Change font size