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DFCC Bank sold 5,400,000 shares of its subsidiary, National Asset Management Limited (NAMAL) representing 54% of its issued share capital to Milford Holdings (Pvt) Limited, a subsidiary of Distilleries Company of Sri Lanka Ltd.

Milford Holdings (Pvt) Ltd owns 85% of Sri Lanka Insurance Corporation Ltd. The consideration of approximately Rs. 68 million was determined on the basis of the net asset value of the shares.

DFCC Bank will continue to hold 26% of the issued share capital of NAMAL with the Employees Trust Fund Board holding the remaining 20% of NAMAL.

This transaction will not have a material impact on DFCC's financial results for the year ending March 31, 2006.

DFCC said that this new ownership structure would enable NAMAL to considerably increase the size of funds under its management.

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