Sri Lanka Prima unit stake sold to Singapore parent

Sat, 25 May 2013 06:47:03

04 Jul, 2012 07:49:49

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.

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READER COMMENT(S)

3. Investor Jul 05

As per GRAN's 2011 Annual Report, Ceylon Agro Industries (CAI) was in its books at Rs283 mn, and GRAN's share of CAI's PAT in 2011 was Rs54 mn (2010 - Rs42 mn).

Based on these numbers, the sale price to GRAN's parent does not look too questionable to minority shareholders of GRAN.

2. Kottu Jul 05

Tough luck for minority shareholders. SEC is sleeping?

1. Ajith Jul 04

Was it fair value that the company was sold at? Can we have a copy of the independent advisor's report?

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