July 28, 2016 (LBO) – Shareholders of Sri Lanka’s Hayleys Fibre have unanimously approved a disposal of 420 million rupees worth freehold property located at Ja-Ela to listed Alumex through a related party transaction.
The company called an EGM to get shareholder approval for the disposal, as the value of the property exceeds 50 percent of the total assets of the company as at 31st March 2016.
Listed Hayleys Fibre is a manufacturing company that has a joint venture Bonterra Lanka Ltd.
The principal activity of the company and its joint venture is manufacturing and export of coir products and its ultimate parent company is Hayleys PLC.
Listed Alumex is also a subsidiary of Hayleys PLC.