Sri Lanka Watawala Plantations stake upped by parent

August 02, 2013 (LBO) – Sri Lanka’s Watawala Plantations Plc, which farms tea, rubber and oil palm said its parent Estate Management Services has upped its stake to 74.6 percent. Watawala profits fell sharply in the June quarter as rains hit output and labour costs rose and commodity prices softened.

The parent bought 49.3 million shares at 14 rupees boosting its stake to 176.57 million shares, the firm said in a stock exchange filing.

The sellers were Moldex Ltd who sold 44.85 million shares (18.95 percent), Ceybank Unit Trust 4.5mn shares (1.9 percent).

Estate Management Services is a unit of listed Sunshine Holdings.

Sunshine Holdings in a separate filing said Aureos South Asia Fund, a private equity firm had sold 13.4 million shares out of 26.92 million held by them at 35 rupees a share.