AgStar restructures shareholding

AgStar Plc has announced a restructuring of its shareholding with internal transfers concluded on Wednesday via the Colombo Stock Exchange.

Brown and Company acquired controlling 58.29% voting stake from Iconic Trust Ltd., (43.69%) and from Browns Investments Plc (14.6%). Over 269 million shares were done at Rs. 15 each via crossings generating a turnover of Rs. 4 billion. Separately, Iconic Trust transferred 66.66% non-voting stake or 17.47 million shares at Rs. 12 each in a deal worth Rs. 209.6 million.

Net assets per share as at 30 September 2023 was Rs. 13.27, as against Rs. 12.91 as at 31 March 2023.

AgStar specialises in the business of importing, blending and marketing fertiliser products, agro chemicals, seeds and agri machineries.

The public holding of AgStar as at 30 September 2023 were 28% (voting) held by 4,087 shareholders and 0.01% non-voting held by 18 shareholders. Sri Lanka Insurance Corporation Life Fund held 6.82% voting stake and SLIC General Fund’s stake was 4.62%.

In the quarter ended 30 September 2023, the highest price at which AgStar voting traded was Rs. 11.90 and the lowest was Rs. 9.70 before closing at Rs. 10.10.