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.