LOLC Group sells down at Agstar whilst holding control

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.