Sri Lanka’s Lankem Ceylon ups effective control of power firm

Apr 07, 2014 (LBO) – Sri Lanka’s Lankem Ceylon Plc said it is buying a 43.5 percent stake in Waverly Power (Pvt) Ltd, a hydro electricity company for 102 million rupees. The stake was held by another Lankem unit, Agarapatana Plantations Ltd, Lankem said in a stock exchange filing.

Agarapanta is not a listed company. Prior to the purchase, Lankem’s effective holding in Waverly was 28 percent, according to the firm’s last annual report.