Dipped Product employees pick up 10% in company

Standing left to right – Mr. Dinesh Jebamani (Chief Manager Liability Product Management and New Age Media – Seylan Bank), Mr.Sudesh Peiris (Senior Manager – Digital Banking Channels – Seylan Bank), Ms. S.Senevirathne (Representative of the Revenue Department – Western Province), Mr. Tilan Wijeyesekera (Deputy General Manager – Retail Banking – Seylan Bank) and Mr. Malik Wickremanayaka (Deputy General Manager – Operations – Seylan Bank)

Dipped Product employees paid Rs. 351.7 million for 2.9 million shares in the company, as Richard Pieris Limited wiped its hands off the glove maker. Dipped Product employees paid Rs. 351.7 million for 2.9 million shares in the company, as Richard Pieris Limited wiped its hands off the glove maker. The deal went through the Colombo Exchange on Tuesday at Rs. 117.50 a piece.

Aureos South Asia Fund 1 LLC, coming in with funds for the deal, will take a 50 percent stake in the special purpose vehicle – DMH Capital –set up to facilitate the transaction.

The remaining stake will be owned by 115 senior and middle level staff.

Glovermaker Dipped Products, has dominated the market lately, after Richard Pieris sold off a 20 percent slice to the Hayleys Group and its closely connected parties.

Priced at Rs. 117.50 per piece, Hayleys picked up 10.9 percent (or 3.2 mn shares), to raise its ownership to 56.85 percent in Dipped Products.

Dipped product shares closed trading on Tuesday at Rs. 110.00, with 2.99 million shares trading.

-LBO Newsdesk: lboemail@vanguardlanka.com