In a landmark move, entrepreneur Nandana Lokuwithana—known for his ownership of Lanwa Steel and Ferentino Tyres—has officially ventured into the banking sector with a strategic acquisition of a 10% voting stake in Hatton National Bank PLC (HNB). The investment, valued at over Rs. 14 billion, marks one of the largest recent transactions on the Colombo Stock Exchange.
Lokuwithana, who leads the UAE and Sri Lanka-based Onyx Group of Companies, has diverse interests in steel manufacturing, construction, real estate, and hospitality. His latest acquisition was made through the Ceylon Steel Corporation and involves 45.53 million shares of HNB purchased from Browns Investments PLC (BIL), a firm controlled by business magnate Ishara Nanayakkara. Shares were traded at prices ranging from Rs. 305 to Rs. 313.
Overall, HNB saw a total of 47.22 million voting shares exchanged in 747 trades, contributing Rs. 14.42 billion in turnover. The share price rose by Rs. 17.25 to close at Rs. 319.50, marking a 5.7% increase. Notably, the 52-week high for HNB voting shares stands at Rs. 362, with the lowest being Rs. 153.50.
While BIL has now exited its voting share position, it still retains 45.87% of HNB’s non-voting shares. The largest voting stake remains with a group of companies formerly under the control of the late Harry Jayawardena—Milford Exports, Stassen Exports, and the Distilleries Company, which collectively hold 17.8%.
Other key stakeholders include the Employees’ Provident Fund (EPF) with 9.74%, SLIC Life Fund with 8.27%, SLIC General Fund with 4.25%, National Savings Bank (NSB) with 3.2%, and Sonetto Holdings from the UK, holding 4.91%.
HNB continues to report strong financial performance, with a 49% year-on-year growth in Group Profit After Tax (PAT) and a 64% rise in Bank PAT during the first quarter of 2025. The Group and Bank PAT figures for the quarter reached Rs. 11.1 billion and Rs. 10.2 billion, respectively. In 2024, the bank’s PAT nearly doubled to Rs. 41.3 billion from Rs. 23.6 billion in 2023, while the group PAT increased to Rs. 44.8 billion.
