Distilleries Company of Sri Lanka shareholders back Melstacorp share swap
ECONOMYNEXT – More than 99 percent of the shareholders at an extraordinary general meeting had voted to swap shares of Distilleries Corporation of Sri Lanka for Melstacorp stock, making the firm the holding company.
The firm said only 0.0013 percent of shareholders voted against the move at the meeting, indicating a 99.9987 percent support of the move.
Distilleries shareholders will get four shares of Melstacorp for each share. Distilleries will then be a subsidiary of Melstacorp.
Melstacorp will also be the holding company of Lanka Bell Limited, Continental Insurance Lanka Ltd, Melsta Regal Finance Limited, Balangoda Plantations PLC and Browns Beach Hotels PLC.
It also holds Spence & Co. PLC and Madulsima Plantations PLC.