May 28, 2019 (LBO) - Lotus Renewable Energy Group (LREG) has bought control of Colombo Stock Exchange (CSE) listed Hatton Plantations (HPL) in a Rs1bn stock market deal.
LREG has purchased controlling interest in HPL for just over LKR 1bn at Rs8.3/share. They will be making a mandatory offer for the remaining outstanding shares at the same price per share. The transaction was done at a valuation close to the net asset value per share of the company.
HPL is one of Sri Lanka's largest tea plantation companies. Tea plantation companies often have untapped potential sources for hydropower generation. HPL is a group company of CSE listed Sunshine Holdings (SUN).
"Lotus Renewable Energy Group (LREG) is a multinational renewable energy company with its operations across India, Sri Lanka, Singapore and Australia. LREG is part of G&G Group of Companies, Singapore. LREG provides Solar photovoltaic solutions and also owns and runs mini Hydro power plants. In India operates as LotusEner Power Solution Pty Ltd.
In Australia we operate under the name of Sunmania Pty Ltd. National Biodiesel Distributors (Australia) Pty Ltd is another sister concern company and it is a leading Australian supplier of premium quality biodiesel operating in Australia from 2009."