Nimal divests Kalamazoo stake to Renuka Holdings

Royal Ceramics PLC Managing Director Nimal Perera divested his entire stake in Kalamazoo Systems PLC held through a margin account at Seylan Bank for Rs.50 million to Renuka Holdings PLC, yesterday. Perera held 35,000 shares in Kalamazoo Systems, representing 70 percent of its shareholding as indicated in the company’s latest financial statements. He divested the shares at Rs.1,428 per share.

Perera entered Kalamazoo Systems last September, having bought 33,489 shares at Rs.1,071.90 per share, or for a total consideration of Rs.36 million. He had then called for a mandatory offer to purchase the remaining 16,011 shares. Perera had then told Mirror Business that he was planning to invest and trade using Kalamazoo, which is virtually a shell company.