Resus Energy’s board representation at Panasian Power dwindles

Resus Energy PLC was voted out to have a greater board control of mini hydro power developer Panasian Power PLC at the company’s Annual General Meeting held this Monday. 

Previously, four of the ten directors of Pan Asian were representatives of Resus.

Mirror Business learns that Resus representative Kusal Jayawardene who stood for re-election was not voted in, resulting in Resus now controlling 3 board seats out of 9.No single party has a controlling stake in Panasian Power. Resus is the largest shareholder with a 29.30 percent shareholding, while Vidullanka PLC owns 8.22 percent and Weswin Power (Private) Limited increasing its ownership to 10.48 percent, acquiring further 6.4 percent shares in May.

Sources in the stock broking community have been of the view that Resus may be looking to divest its shares in Panasian, while Vidullanka or Weswin looking at obtaining a controlling interest in the company.