ECONOMYNEXT – Sri Lankan mini hydro power firm Vidullanka Plc said it plans to acquire full control of its joint ventre Lower Kotmale Oya Hydro Power (Pvt) Ltd. (LKMPL) for 258.4 million rupees.
The acquisition will be partly funded by cash of 58.4 million rupees and the rest by way of a share swap of 31,250,000 ordinary voting shares of Vidullanka at 6.40 rupees each amounting to 4.36 percent of its total issued shares.
A stock exchange filing said Vidullanka will buy 200 shares of LKMPL held by a consortium of investors led by Jaywise Construction (Pvt) Ltd. amounting to almost 49.9 percent of its capital.
Vidullanka will issue 156,250 ordinary voting shares for one share of Lower Kotmale Oya Hydro Power subject to regulatory and shareholder approvals.
Lower Kotmale Oya Hydro Power operates the 4MW Lower Kotmale mini hydro Power plant in Kotmale, Nuwara Eliya district.
The joint venture power plant, commissioned in June 2014, made a net profit of 145 million rupees for the 2014/15 financial year, the statement said. (Colombo/October 19 2015)