Wednesday, 25 June 2014 00:10
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British American Technologies Ltd., (BAT) has sold a 16.05% stake in loss-making PC Pharma PLC yesterday for Rs. 20 million.
The price at which the stake was divested ranged between a high of Rs. 1.40 per share and a low of Rs. 1.20 per share. The biggest block of 11 million shares was done at Rs. 1.20 each.
As at end 2013, BAT held a 17.2% stake in PC Pharma. BAT acquired a 24% stake or 24.36 million shares in PC Pharma in August last year from PCH Holdings PLC at Rs. 1.50 per share.
The second largest shareholder was S.H.M. Rishan with a 20% stake whilst PCH Holdings held a further 29% stake. Some of the personal holdings had been sold in May at 80 cents per share.
In January, investor S.C. Hiththatiyage acquired a 10.26% stake PC Pharma.
In the first nine months of FY14, PC Pharma made a Rs. 102 million loss and had retained loss of Rs. 71.5 million.
