Sri Lanka’s Kotagala Plantations sells stake in Lankem Dev

Oct 11, 2016 (LBO) – Sri Lanka’s Kotagala Plantations has disposed its entire stake in Lankem Developments through the Colombo Stock Exchange at current market prices.

The company said in a stock exchange filing that they sold their an equity stake of 10.04 percent in Lankem Developments represented by 6,026,500 shares.

Lankem Developments today closed at 4.80 rupees per share after reaching a peak of 5.20 rupees against the previous close of 4.30 rupees.

Kotagala Plantations share closed at 10.70 rupees today against the previous close of 11.00 rupees.

Kotagala Plantations recently decided to raise 800 million rupees by way of a rights issue and to sub divide the shares after the rights issue.