Lotus Renewables buys Sri Lanka’s Hatton Plantations
ECONOMYNEXT – Lotus Renewables, a Singapore based energy group said it had bought a 51 percent stake in Hatton Plantations Plc, a publicly traded tea farming company for one billion rupees.
The firm paid 8.30 rupees per share.
Estate Management Services Limited, a unit of Sunshine Holdings Plc which has 75.6 percent stake in Hatton has an option to sell the remaining stake within three months also for 8.30 rupees.
NDB Investment Bank was advisor to the deal.
Lotus Renewables, is part of a Singapore-based energy group, which already has hydro power investments in Sri Lanka.
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Sunshine Holdings earlier split the tea and oil palm assets of its plantations firm into Hatton and Watalawa Plantations. (Colombo/May28/2019)