Lionhart Investments Limited has purchased 13,043,804 million shares of Walker and Grieg Limited for prices between 5.75 and 7.00 rupees each, the company said in a stock exchange filing, Friday.
Lionhart is a fund describing itself as a "multi-strategy hedge fund" and is part of Lionhart Advisors Group, which specializes in arbitrage.
Arbitrage in its pure form is a low risk activity that seeks to profit from price anomalies in different markets for the same asset.
The group is headed by Terry Duffy, an investment strategist of Canadian origin. The firm has been expanding in Asia last year and has offices in Singapore and Hong Kong.
Lionhart Investments has now acquired 75.02 percent of Walker and Greig, an old-established distributor which was owned by another Sri Lanka listed firm, Brown and Company.