Sept 05, 2008 (LBO) – Sri Lanka’s John Keells Holdings raised its stake in South Asia Gateway Terminals (SAGT) to 37.97 percent by acquiring a 4.22 percent tranche from the Asian Development Bank (ADB). JKH bought 7.5 percent stake in SAGT in October 2006 for 3.6 billion Sri Lanka rupees.
JKH said it had paid 4.41 million US dollars for the shares, when ADB exercised a put option to sell a 7.5 percent stake in SAGT.
The balance was bought by APM Terminals B.V. The purchase increased the stake of the Maersk group to 29.5 percent.