ERI gets Finance Ministry nod for ERL sale

Monday, 14 May 2012 00:00 - - {{hitsCtrl.values.hits}}

Environmental Resources Investment Plc (ERI) last week disclosed that the Finance Ministry has given approval for the sale of 23% stake in Environmental Resources Limited (ERL) in BVI to Photon Global Limited in BVI.

It said the approval, in terms of the provisions of section 17(2) of the Exchange Control Act, was subject to the condition that ERI should repatriate the total purchase consideration of US$19.8 million to Sri Lanka.

Out of that amount US$ 3.1 million should be received immediately after the disposal of shares and the balance sum of $ 16.7 million within a period of one year from 24 January 2012.

Photon Global limited has accepted the aforesaid conditions and the initial payment of $ 3.1 million has already been received by ERI from Photon Global Limited as an advance payment against the purchase consideration.