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Sri Lanka’s Hemas buys into Panasian Power

Apr 24, 2013 (LBO) - Sri Lanka's Hemas Power Plc has bought a 20 percent stake in Panasian Power for 300 million rupees, upping the group stake to 29.
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3 percent, the company said. The 100 million share stake was bought for 3.
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00 rupees each from Power Hub International Sdn, Bhd, Malaysia.
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Hemas Power subsidiaries Okanda Power Grid (Pvt) Ltd holds 36.

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2 million shares and Agra Oya Hydropower (Pvt) Ltd holds 10.
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3 million shares making up a group total of 146.
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5 millon or a 29.3 percent stake.

"For the moment I think it is perfect," managing director Kishan Nanayakkara said.

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"We are the single largest shareholder.

"

Hemas Power does not have to make an offer to buyout other shareholders unless a threshold of 30 percent is exceeded.

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