JKH exits Tea Smallholder Factories, LOLC's Udapusslaewa acquires 37.59% stake

John Keells Holdings PLC (JKH) has divested its entire 37.62 percent equity stake in Tea Smallholder
Factories PLC for a total of Rs.395 million. Udapusslaewa Plantations, a unit of LOLC has acquired 37.59
percent stake for total of Rs. 394.68 million, according to a filing with the Colombo Stock Exchange
(CSE).

This transaction involved the sale of 11,286,000 ordinary shares at a price of Rs. 35 per share.

The divestiture marks JKH's exit from Tea Smallholder Factories PLC, which was previously a subsidiary.

Consequently, Udapusslaewa Plantations has emerged as the largest shareholder in the company.

Prior to this acquisition, the second and third largest shareholders of Tea Smallholder Factories PLC were
Akbar Brothers (Pvt) Ltd, holding a 24.39 percent stake, and Central Finance Company PLC, with a 22.85
percent stake, as of the end of the previous fiscal year.