Vidullanka PLC has acquired the controlling stake of Lower Kotmale Oya Hydro Power (Pvt.) Limited, a filing to the stock market said.
Vidullanka already owned 49.88 percent of Lower Kotmale Oya Hydro Power as a joint venture partner.
Vidullanka has acquired a further 200 shares, which represents 49.88 percent of Lower Kotmale Oya Hydro Power which were owned by a consortium of investors led by Jaywise Construction (Private) Limited for a consideration of Rs.258.43 million, driving Vidullanka’s ownership to 99.75 percent.
While Rs.58.43 million of the transaction will be paid in cash, the rest would be facilitated through a share swap following shareholder approval.
Vidullanka will recommend its shareholders to issue 31.25 million new shares of the company amounting to Rs.200 million at Rs.6.4 per share. The new shares issued will represent 4.36 percent of the total shares, and 4.18 percent of the total shares will be transferred through a private placement. Kotmale Oya Hydro Power owns and operates the four-Megawatt Lower Kotmale Mini Hydro Power Plant. The plant was commission in June 2014 and posted a net profit of Rs.145.21 million during the past financial year.
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