CHC Investment buys 31% stake in Taprobane Holdings

25 August 2015 03:12 am - 0 - {{hitsCtrl.values.hits}}

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CHC Investment (Pvt.) Ltd, an investment vehicle owned by a consortium of investors, yesterday bought a 31 percent stake in Taprobane Holdings PLC.
CHC Investment purchased 310.83 million shares at Rs.5.50 yesterday.

It is believed that CHC Investment is an entity jointly controlled by the Galle Face Hotel group’s Ceylon Hotels Corporation, textile giant Hirdaramani group and high-net-worth investor Ajith Devasurendra.

It remains to be seen whether the mandatory offer requirement of the Company Takeovers and Mergers Code will be triggered, as Devasurendra is the largest shareholder of Taprobane Holdings through his investment vehicle Arc Capital (Pvt.) Ltd, which owns 40.57 percent of the shares.

If a minority shareholder acquires over 30 percent of the shares or a shareholder with an ownership between 30 to 50 percent acquires over 2 percent of the shares in a listed entity, the requirement is triggered.

However, in this case, the market regulator would have to ascertain the exact ownership of CHC Investment to decide on a possible mandatory offer. CHC Investment also holds a 9.5 percent stake in Pan Asia Banking Corporation PLC. The sellers of the shares were second largest shareholder of the company Ishara Nanayakkara and the fourth largest shareholder Pubudhu Rupasinghe. As at June 30, 2015, Nanayakkara and Rupasinghe held 225.9 million shares (22.53 percent) and 84.8 million shares (8.46 percent) of Taprobane Holdings, respectively.

Taprobane Holdings owns a variety of subsidiaries engaging in money broking, stockbroking, corporate finance, margin trading, real estate and investment management. It is also branching out into the leisure sector.

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CHC Investment buys 31% stake in Taprobane Holdings

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