Sri Lanka Prima unit stake sold to Singapore parent
04 Jul, 201207:49:49
July 04, 2012 (LBO) - Sri Lanka's Ceylon Grain Elevators Plc, a poultry and feed milling group said a 21 stake in a related company has been sold to its Singapore parent, Prima Ltd for 730 million rupees.
Ceylon Grain Elevators said 22.8 million shares in Ceylon Agro-Industries Limited which is 21.5 percent of the firm has been transferred to Prima Ltd at 32 rupees per share.
The money will be used by CGE for working capital.
Ceylon Agro-Industries Limited was originally a state enterprise that was privatized.
Several firms that were privatized at around the time were expropriated by the state recently.
Prima also owns a wheat mill at Trincomalee port in northeastern Sri Lanka.