Sri Lanka’s Hemas buys into Panasian Power

Apr 24, 2013 (LBO) – Sri Lanka’s Hemas Power Plc has bought a 20 percent stake in Panasian Power for 300 million rupees, upping the group stake to 29.3 percent, the company said. The 100 million share stake was bought for 3.00 rupees each from Power Hub International Sdn, Bhd, Malaysia.

Hemas Power subsidiaries Okanda Power Grid (Pvt) Ltd holds 36.2 million shares and Agra Oya Hydropower (Pvt) Ltd holds 10.3 million shares making up a group total of 146.5 millon or a 29.3 percent stake.

“For the moment I think it is perfect,” managing director Kishan Nanayakkara said. “We are the single largest shareholder.”

Hemas Power does not have to make an offer to buyout other shareholders unless a threshold of 30 percent is exceeded.