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Bigger Chunk

Sept 05, 2008 (LBO) - Sri Lanka's John Keells Holdings has raised its stake in South Asia Gateway Terminals (SAGT) to 37.
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97 percent by acquiring a 4.22 percent tranche from the Asian Development Bank (ADB). JKH said it had paid 4.41 million US dollars (475 million Sri Lanka rupees) when ADB exercised a put option to sell a 7.
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5 percent stake.

The balance was bought by APM Terminals B.

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V. The purchase increased the of the Maersk group to 29.
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5 percent.

JKH bought 7.5 percent stake in SAGT in October 2006 for 3.

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6 billion Sri Lanka rupees from CDC, an investment fund.
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The purchase from Actis was a negotiated sale. The ADB exited on a put option where the price was specified.

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