Sri Lanka Panasian Power controlling shareholder reduces stake

June 09, 2011 (LBO) – The Malaysian controlling shareholder of Sri Lankan mini hydro firm Panasian Power reduced its control with the sale of a large stake in trades which boosted market turnover on the Colombo bourse Thursday. Power Hub International Sdn Bhd sold 68, 325,100 shares of Panasian Power in three lots at eight rupees, 8.20 and 8.30 rupees a share, a stock exchange filing said.

It was not immediately clear who the buyer was.

The sale by Power Hub reduced the stake held by the Malaysian firm in Panasian Power to 28 percent from 42 percent.

Another director of Panasian Power Deepal Sooriyaarachchi sold 500,000 shares at eight rupees each.

Panasian Power closed at 7.50 rupees, down 20 cents after hitting a high of 8.30 rupees during the day.