SLIC exits Tess Agro with 12% stake sale

State-owned Sri Lanka Insurance Corporation (SLIC) yesterday sold its entire 12.14 percent stake in Tess Agro PLC, a fish exporter, in a deal worth Rs.57.7 million. As at December 31, 2015, as the second single largest shareholder, SLIC held 33.99 million shares of Tess Agro PLC. The shares were divested at Rs.1.70 each.

A stock market filing said the buyer of the shares was an individual named K.Gajanthan. These Tess Agro shares were bought by SLIC in 2011, when it bought a 16 percent stake in the company. At the end of the day’s trading, 37.19 million Tess Agro shares had traded. For the nine months ended December 31, 2015, Tess Agro narrowed its net loss to Rs.2.72 million from Rs.33.27 million reported for the same period of the previous year.