LOLC Group sells down at Agstar whilst holding control

Friday, 27 January 2023 00:22 - - {{hitsCtrl.values.hits}}

LOLC Group has sold down in Agstar PLC booking profits whilst retaining control.

LOLC Holdings PLC said it has disposed of 90.25 million shares or 19.56% between 16 December 2022 and 25 January 2023 at prices ranging from Rs. 15 and Rs. 17.50 per share.

LOLC Group collectively still has 269.4 million voting shares (representing 58.4% held by Iconic Trust Ltd. – 43.69% and Browns Investments – 14%) and 17.47 million non-voting shares (representing 66.66%) remaining in Agstar.

Exactly a year ago, LOLC Group entered Agstar acquiring 43.75% of voting stake at Rs. 8 per voting share and 66.66% of non-voting at Rs. 4 per voting share in a deal worth Rs. 1.12 billion.

Agstar share price closed yesterday at Rs. 15.50, down by 50 cents. Its 52-week highest price was Rs. 21.20 and the lowest was Rs. 5. LOLC share price continued its upward trend gaining by Rs. 12.25 or 2.7% to Rs. 459.50 yesterday.