Sri Lanka, April 4 -- John Keells Holdings PLC (JKH) has divested its entire 37.62 percent equity stake in Tea Smallholder Factories PLC for a total of Rs.395 million.
Udapussellawa Plantations, a unit of LOLC has acquired 37.59 percent stake for Rs. 394.68 million, according to a filing with the Colombo Stock Exchange (CSE).
This transaction involved the sale of 11,286,000 ordinary shares at a price of Rs. 35 per share.
The divestiture marks JKH's exit from Tea Smallholder Factories PLC, which was previously a subsidiary.
Consequently, Udapussellawa Plantations has emerged as the largest shareholder in the company.
Prior to this acquisition, the second and third largest shareholders of Tea Smallholder Factories PLC were Akbar Broth...