Wednesday, 24 July 2013 01:02
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Hemas Holdings Plc via subsidiary has garnered a further 18.5% stake in J.L. Morison Son and Jones (Ceylon) Ltd., increasing their overall holding to 90%. The additional stake is via the mandatory and voluntary offers which concluded last week.
The offer by Hemas Manufacturing Ltd., (HML), a subsidiary of Hemas Holdings, at Rs. 366.50 per voting share and Rs. 219.70 per non-voting share had elicited an acceptance amounting to 1.1 million voting shares or 18.51% stake and 0.6 million non-voting shares (34.7%).
Separately, HML held 4.2 million voting shares (71.5%) and 0.9 million non-voting shares (50.1%) of MORI. Consequently, HML has increased its stake in MORI to 90.0% (voting) and 84.8% (non-voting).
In May, HML acquired 4.153 million voting shares (71.5%) for Rs. 1.52 billion and 0.87 million nonvoting shares (50%) for around Rs. 190 million.
