ECONOMYNEXT – A controlling 60.8 percent stake in Agalawatte Plantations Plc, a unit of Sri Lanka privately held Mackwoods group was traded on the Colombo Stock Exchange Thursday in deal valued at a little over 300 million rupees.
Until the sale Mackwoods Plantations (Pvt) Ltd held 60 percent of the firm.
Members of the controlling Nonis family have been involved in a series of legal battles for control alleging mis-management and oppression.
Key shareholders petitioned court to hold a extra-ordinary general meeting and appoint directors, alleging that Chairman Chris Nonis was siphoning money off to the UK through fictitious marketing campaigns.
Nonis has denied the charges.
Agalawatte Plantations is a privatized plantations company which also grows palm oil.