RIL Property buys 30% UML stake from Yaseen for Rs. 2.4 b

Business tycoon M.A. Yaseen yesterday sold 30% stake in United Motors Lanka Plc to related party RIL Properties.

The stake, amounting to 30.2 million shares, was sold at Rs. 28 each in a deal worth Rs. 2.4 billion. Net Assets per Share of UML is Rs. 90.27 and Rs. 108.20 at the Group level.

Yaseen continues to hold 31.2% more stake in UML. He also owns 16% stake directly in RIL. 

Following the acquisition, RIL will be making a mandatory offer but Yaseen has given an undertaking that he will not accept the mandatory offer but will sell down further for RIL to hold 51% in UML in the event he fails to acquire adequate stake from UML minority shareholders. Related parties to Yaseen hold a further 17% stake in UML.