Pacific Textured Jersey Holdings Limited, the largest shareholder of Textured Jersey Lanka PLC (TJL), has divested a 10 percent stake it held in the company, reducing its shareholding to 29.65 percent.
Accordingly, 66 million TJL shares were divested at a price of Rs.26.80 each with 75 percent of the shares being acquired by foreign institutional investors and the rest by local investors.
TJL last week announced the proposed acquisition of the entire shareholding of Ocean Mauritius (Pvt.) Ltd—of which, the only shareholding is in Ocean India—from a consortium of investors including Brandix Group, Jacob BAC Ltd, Compagnie Maurienne de Textile Ltee (CMT) and Pioneer Elastic Holdings Ltd.
The entire deal was valued at US $ 15 million and TJL is to pay 50 percent of the deal in cash, while the rest through a share swap.
Following the share swap, Brandix’s ownership in TJL is expected to go up from the current 29.81 percent to 32.11 percent, it becoming the single largest shareholder of TJL.
TJL also said that it has completed the acquisition of Quenby Lanka Prints (Pvt.) Ltd by purchasing all issued shares of Quenby Lanka Prints for a consideration of US $ 3.5 million.