Aitken Spence confirms sell-out from Port venture

Confirming the Daily FT’s exclusive expose on 11 January, Aitken Spence Plc yesterday officially announced in a filing to the Colombo Stock Exchange (CSE) it was selling its 30% stake in the venture to build the Colombo South Container Terminal.

Via the announcement Spence said its associated company, Colombo International Container Terminals Limited (CICT), has received letters from the Sri Lanka Ports Authority (SLPA) and the Board of Investment of Sri Lanka (BOI), both dated 20 January 2012, granting the approval for China Merchant Holdings (International) Company Limited (CMHI) to purchase the entire 30% shareholding of SPEN in CICT.

“Hence we are now finalising the formalities of the transfer,” Aitken Spence said.

The other shareholder of the CICT is SLPA, which owns a 15% stake.

Perhaps partly due to the announcement and largely owing to negative market sentiments, Spence shares yesterday declined by Rs. 2 to close at Rs. 108 whilst it peaked to a high of Rs. 110 with a mere trade of 36,500 shares.