Wednesday Nov 13, 2024
Wednesday Nov 13, 2024
Friday, 30 September 2022 00:24 - - {{hitsCtrl.values.hits}}
Aberdeen Holdings, a diversified conglomerate based in Sri Lanka has sold 5% of its stake in Expack Corrugated Cartons PLC for Rs. 282.5 million with a total of 16.6 million shares changing hands via 118 trades.
Price ranged from Rs. 17 and Rs. 17.60 per share. In total 21.2 million shares changed hands via 978 trades for REs. 363 million.
The sale of Expack shares comes in the form of a strategic rebalancing of the investment portfolio of Aberdeen Holdings.
The company foresees that the divestment of shares would give more opportunity for public participation in the Expack shares, a share which had a record-breaking oversubscription by 11 times during the IPO in October 2021.
Aberdeen Holdings Chief Financial Officer Chathuranga Abeyratne stated that yesterday’s divestment of 5%, as well as its previous 5% of Aberdeen’s Expack stake earlier in September, was a two-phased investment decision to manage its pool of diverse investments.
The company is excited about the prospects of Expack and its subsidiary Neptune which are amongst the market leaders in the industries they operate in and has no intentions to divest its stake any further.
Aberdeen Holdings has been and continues to be the majority shareholder of Expack, since Expack’s IPO in October 2021.
Aberdeen Holdings currently holds a 65% stake in Expack Corrugated Cartons PLC amounting to a total of 216.7 million shares with the current public float being at 35%, after today’s divestment.
