Agalawatte Plantations say shareholders of parent approved sale

ECONOMYNEXT – Agalawatte Plantations Plc says the sale of a controlling 60.8 percent stake to Browns Power Holdings (Pvt) Ltd, which ran into controversy, was approved by the two sole shareholders of its then holding company.

Agalawatte Plantations said its then parent Mackwoods Plantations Pvt Ltd had ony two shareholders, unlisted Mackwoods (Private) Limited and a Malaysia-based foreign investor.

In a stock exchange filing, the firm said it had been notified that the two shareholders had unanimously agreed and executed an agreement to sell 15.2 million shares in Agalawatte.

Sri Lanka’s Securities and Exchange Commission launched a probe on the deal after a director complained that the sale was not properly approved. 

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