Sri Lanka mini-hydro firm to sell affiliate

March 14, 2008 (LBO) – Sri Lankan mini-hydro power firm Vallibel Power Erathna is selling five million shares of another hydro firm at 37 rupees apiece to an undisclosed firm, the company said. Vallibel Power Erathna runs a 9.9 MegaWatt mini-hydro plant. The company’s shares traded flat at 2.30 rupees on Wednesday.

Vallibel Erathne said in a stock exchange filing that it was selling five million shares in Didul.

Managing director Leel Wickremerachchi declined to reveal the name of the buyer saying it was an unlisted company. But he said it was not a ‘group’ company.

The shares were carried in the books of Vallibel at 10 rupees indicating a capital gain of 135 million rupees.

The board is yet to decide on the capital gain made from the sale, Wickremarachchi said.