FINANCIAL CHRONICLE – Rayynor Silva, a prominent media entrepreneur in Sri Lanka, has expanded his holdings in Seylan Bank by acquiring shares from NDB, thereby reaching the maximum permissible stake, according to informed sources.
This acquisition was facilitated through a partnership arrangement between Silva’s Phantom Investments and NDB, as revealed by an insider familiar with the transaction, who spoke to FINANCIAL CHRONICLE.
In a move earlier in October 2025, Silva acquired the final 5 percent of Seylan Bank shares that were previously owned by renowned businessman Dhammika Perera.
The latest transaction occurred following NDB’s announcement regarding the sale of 26,631,495 shares in Seylan Bank PLC, priced at LKR 104 per share, as stated in a disclosure to the Colombo Stock Exchange.
NDB characterized this decision as part of a strategic initiative to divest from a non-essential investment after identifying a favorable opportunity.
As a result of these developments, NDB’s stock saw a decrease of 0.63 percent, closing at Rs. 117.75, while shares of Seylan Bank experienced a slight increase of 0.24 percent, ending at Rs. 106.25. (Colombo/May 11/2026)
