Bigger Chunk

Sept 05, 2008 (LBO) – Sri Lanka’s John Keells Holdings has raised its stake in South Asia Gateway Terminals (SAGT) to 37.
97 percent by acquiring a 4.22 percent tranche from the Asian Development Bank (ADB). JKH said it had paid 4.41 million US dollars (475 million Sri Lanka rupees) when ADB exercised a put option to sell a 7.
5 percent stake.

The balance was bought by APM Terminals B.
V. The purchase increased the of the Maersk group to 29.
5 percent.

JKH bought 7.5 percent stake in SAGT in October 2006 for 3.
6 billion Sri Lanka rupees from CDC, an investment fund.

The purchase from Actis was a negotiated sale. The ADB exited on a put option where the price was specified.

Updated