Sri Lanka Emagewize buys into hydro firm

June 6, 2011 (LBO) – Emagewize (Pvt) Ltd, has bought 77 million shares in Panasian Power, a mini hydro firm for 6.00 rupees a share, director Dilith Jayaweera said, in a deal valued at 460 million rupees.

Emagewize has recently bought into Colombo Land, the owners of a shopping complex. It also controls Citrus Leisure, a hotel firm.

Some Colombo Land stock was later bought by a Citrus unit.

A block trade of 76.6 million took place at 6.00 rupees.

Panasian Power traded as high as 7.70 rupees in intra day trade.

Panasian Power is controlled by Malaysia based Power Hub International which owns 42 percent of the firm.

The seller on Monday was Palace Path Holdings (Pvt) Ltd, which owed 97 million shares of 19.4 percent by March 2011.