Abans ups stake in electricals subsidiary to 51%

Thursday, 18 February 2021 03:56 - - {{hitsCtrl.values.hits}}

Abans PLC has increased its stake in Abans Electrical PLC to 54%, or 2.575 million shares, as of 12 February.

The parent has been progressively increasing its stake in Abans Electricals. As of 31 December 2020, Abans held a 49.45% stake in the Company, up from 43.38% by end September and 42.95% as at March 2020, whilst Directors from the Pestonjee family also own stakes. Public holdings are 40.47%, held by 1,446 shareholders.

The Company in the nine months of FY21 reported a revenue of Rs. 2.09 billion, down by 6.5% from a year earlier and a pre-tax profit of Rs. 83 million, down by 31%. In 3Q pre-tax profit dip was lower at 9.6% to Rs. 41.6 million, whilst revenue was down 6.45% to Rs. 831 million.