Sri Lanka hydro power producer gets offer from US firm

Oct 20, 2009 (LBO) – Asia Energy Management Systems Inc., a US-based firm, said it has offered to buy 160million shares or a 21.4 percent stake in Vallibel Power Erathna at five rupees a share. Vallibel Power Erathna shares were up 10 cents at 4.60 rupees a share in early morning trade Tuesday with 5.5 million shares traded. Acuity Partners, the manager to the offer, said in a stock exchange filing that Asia Energy Management Systems has got an undertaking from Dhammika Perera and Vallibel Power Ltd., to sell their stakes.

Vallibel Power Erathna is one of the listed firms in the Vallibel group, owned by businessman Dhammika Perera, who is also chairman of the island’s investment promotion agency, Board of Investment.

Perera and Vallibel Power Ltd. are the two major shareholders of Vallibel Power Erathna with stakes of 24.7 percent and 51 percent in the mini-hydro power firm.