Navara Capital gets control of IDL

The controlling stake of the Infrastructure Development Limited PLC (IDL), a company earlier controlled by high net worth investor Nahil Wijesuriya changed hands yesterday as 96 percent or 4.6 million shares traded in a single trade contributing Rs. 128 million to the day's turn over.

Later, Navara Capital, a money brokering firm that earlier belonged to Nation Lanka PLC informed the Colombo bourse that it bought 4, 653, 200 shares of IDL, each at Rs.27.50, which accounted for 95.79 percent of the voting ordinary shares of the firm.

 

According to brokers, the selling party was Malaysian based Fly Asia SDN Berhad which had 99.99 percent or 4,857,480 shares of IDL. The firm has only 4.86 million shares in issue.