The controlling shareholder of Expolanka Holdings PLC, SG Holdings Global Pte Ltd, yesterday upped its holding in the company with the purchase of a 16 percent stake for Rs.2.6 billion.
The shares amounting to 313.8 million were bought each at Rs.8.30 from the Kassim family, the original promoters of Expolanka Holdings.
The transaction was done in 4 crossings— 163, 191, 899 shares and three 50, 208, 034 share parcels each.
The first crossing exactly matched with the shareholding of Osman Kassim, the former Chairman of Expolanka Holdings held as at September 30, 2015.
With this purchase, SG Holdings shareholding in Expolanka goes up to 67 percent. SG Holdings, incorporated in Singapore, is the holding company of Japan’s leading logistics company Sagawa Group. SG Holdings first entered Expolanka in 2014, buying 586 million shares at Rs.10.70 each. The purchase done at a total of Rs.6.3 billion amounted to a 30 percent stake, which triggered the SEC’s Mergers and Acquisition Code, prompting the company to announce a mandatory offer.
During the mandatory offer period SG Holdings increased its holding in Expolanka to 51 percent.
Expolanka entered Colombo bourse in 2011, offering shares at Rs.14 each, a price independent market analysts rated as overpriced.
Expolanka share yesterday closed at Rs.7.80, up 30 cents from previous day’s close.