Lotus Renewable Energy ups stake in Sri Lanka’s Hatton Plantations
ECONOMYNEXT- Sri Lanka-based Lotus Renewable Energy (Private) Limited, part of Singapore’s G&G Group, said that it has increased its shareholding in recently acquired Hatton Plantation Plc to 75.65 percent.
Lotus Renewable Energy had bought 24.65 percent of Hatton Plantation (HPL) shares through a mandatory offer which closed on July 15, after it acquired 51 percent of the tea firm’s stake in May in a 1 billion rupee deal.
HPL shares had been bought at 8.30 rupees a share, compared to 6.90 rupees a share price prior to the stock market fall after the Easter Sunday attack, when the share had traded at 6.40 rupees.
However, the acquisition sent the stock price soaring to 7.90 rupees on 28 May, when the deal took place.
On Wednesday, the HPL stock closed at 8 rupees a share.
The G&G Group has announced it has plans to expand agriculture operations in Sri Lanka, beginning with the acquisition of HPL.
G&G, which invests in environmentally sustainable agriculture and energy, will be looking to establish businesses that cater to both local and export markets of Sri Lanka. (Colombo/Jul18/2019)