Maskeliya Tea Exports buys 11.5% stake in Asia Siyaka for Rs. 136 m; Almas exits

Maskeliya Tea Exports Ltd., yesterday acquired 11.5% stake in Asia Siyaka Commodities PLC for Rs. 1368 million.

Yesterday 30.79 million shares of Asia Siyaka traded for Rs. 138.56 million. Asia Siyaka said Maskeliya Tea Exports bought 30.2 million shares (at Rs. 4.50 each) and thereby increased its total stake to 11.84% or 30.79 million shares.

The seller was business leader Imtiaz Buhardeen-controlled Almas Holdings Ltd.

Asia Siyaka closed the day at Rs. 4.50 up by 12% or 50 cents after hitting an intra-day high of Rs. 4.60. Net assets per share as at 30 September 2022 was Rs. 1.68 at company level (up from Rs. 1.30 as at 31.3.2022) and Rs. 3.72 at Group level.

Lanka Commodity Brokers Ltd., holds control of Asia Siyaka with 51% stake.