Ube Singapore Holdings Pte. Ltd has upped its stake in Tokyo Cement Company (Lanka) PLC, a joint venture between Sri Lanka’s St. Anthony’s group and Japan’s Nippon Coke.
A disclosure by Lanka Securities said its client Ube Singapore acquired 10.7 million Tokyo Cement voting shares at Rs.72 per share on Tuesday and subsequent to the transaction Ube Singapore’s stake in Tokyo Cement increased to 10 percent.
As at March 31, 2017, Ube Singapore held 4.45 million Tokyo Cement shares that represented 2 percent of the issued shares of the company.
Before that, Ube Singapore did not feature among the top 20 shareholders of Tokyo Cement.
Japan’s Nippon Coke was seen trimming its stake in Tokyo Cement for the last couple of years.
As at March 31, 2017, Nippon Coke had a 15.32 percent stake in Tokyo Cement, down from 20.82 percent it held 12 months ago.