Damro sheds 10% stake in Agalawatte Plantations

• Move aimed at boosting public float; retains 82% stake post sale

Controlling shareholder D.R. Investments Ltd. of Damro Fame has reduced its stake in Agalawatte Plantations PLC by 10.24% to 82.06%.

On 3 November it sold 16 million shares between Rs. 30 and Rs. 35.10 each.

D.R. Investments said the sale was to increase the public float.

Prior to the part shedding, the public float of Agalawatte was 6.8% held by 11,543 shareholders. Of that, just 2.16% is held by 11,523 shareholders.

Last week 29.2 million shares of Agalawatte changed hands via 4,756 trades for Rs. 915.4 million. It hit an intra-week high of Rs. 36.50 before closing at Rs. 31.30, down by Rs. 3.60. 

In the previous week 3.7 million shares traded for Rs. 119 million whilst the price went up by Rs. 5.90.