Dr. Selliah sells 13.6% stake in Lanka Tiles for Rs. 576 m
Saturday, 2 November 2013 00:00
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Deputy Chairman and longstanding shareholder Dr. S. Selliah and related parties yesterday sold his 13.6% stake in Lanka Tiles Plc (LTL) for Rs. 576 million to Lanka Walltiles Plc (LWL).
With the purchase LWL now holds 68% of LTL. LWL Group is now under the control of business leader Dhammika Perera, who also owns Royal Ceramics Plc.
The stake amounting to 7.2 million shares was done at Rs. 80 per share.
Dr. Sellaiha’s Arunodhaya Ltd., Arunodhaya Investments Ltd. and Aruodhya Industries Ltd. sold 1.3 million shares (2.47%) each along with Mrs. A. Selliah and Andysel Ltd.
Collectively Selliah and related parties were the second largest shareholder whilst EPF holds nearly 10% and foreign shareholder Mellon Frontaura Global Frontier Fund holds 5%.
