Resus buys JB Power for Rs. 20.3 m

Tuesday, 18 April 2017 00:54 - - {{hitsCtrl.values.hits}}

Resus Energy Plc has invested Rs. 20.3 million to buy full control of JB Power Ltd, which owns approvals to develop a 700 Kw small hydropower project in the Kegalle District.

The 100% control was 45,005 shares and the deal price reflects Rs. 451 per share.

Resus, formerly Hemas Power Plc, has a portfolio of mini hydropower projects generating over 10 MW. In FY 2016, the Resus Energy Group reported a net profit of Rs. 200.3 million, a significant increase over the previous year’s net profit of Rs. 24 million.

ACL Cables Plc owns 31.7% stake in Resus Energy, NDB Capital holds 18.43% and Global Rubber Industries owns 9.8%.