Dr. Ali Asgar Shabbir Gulamhusein yesterday bought 61 percent of Ceylon and Foreign Trade PLC (CFT), represented by 85.6 million shares in a Rs.430 million deal.
Dr. Ali Asgar was appointed as the Chairman of CFT following the demise of Shabbir Hussein Abbas Gulamhusein this June.
The top two shareholders of CFT, G.I. Shabbir and Spice of Life (Pvt) Ltd. (held through margin account at Seylan Bank) and Adam Investment (Pvt) Limited, a company controlled by Dr. Ali Asgar, were the sellers of the shares.
Prior to the purchase, Dr. Ali Asgar, as a CFT Director held 1.5 percent stake in CFT through a margin account at Pan Asia Banking Corporation PLC.
All the shares were bought at Rs.5 each. Since the shares were purchased from Gulamhusein family members and related parties, it is not clear whether the acquisition warrants a mandatory offer from the part of Dr. Ali Asgar.
CFT owns real estate in Colombo and also has interests in FMCG business.