Readers have noticed a flurry of 'ceasing to be substantial holder' notices from Commonwealth Bank today. This relates to the sale of Colonial First State Global Asset Management (CFSGAM) to Mitsubishi UFJ Trust and Banking Corporation.
Dozens of stocks getting notices today were previously held by CFSGAM subsidiaries, such as Real Index Investments and Colonial First State Asset Management, which ceased to be CBA subsidiaries on 2 August. The 'becoming a substantial holder' notices are likely to follow shortly.
"The sale of CFSGAM to MUTB creates significant value for CBA shareholders and is a positive outcome for CFSGAM clients and employees," Commonwealth Bank chief executive Matt Comyn said on Friday. CBA will make $4.2 billion from the sale, of which $3.1 billion will go towards CBA's Tier 1 equity.
