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Thursday Dec 12, 2024
Friday, 27 December 2019 00:00 - - {{hitsCtrl.values.hits}}
Sunshine Holdings Group has exited from Hatton Plantations PLC following the divestiture of a further 12.28% stake for Rs. 241.25 million to controlling shareholder Lotus Renewable Energy Ltd.
The stake amounting to 29.06 million shares was sold at Rs. 8.30 each.
The seller was Sunshine’s subsidiary Estate Management Services Ltd., which in May this year sold 51% stake (120.7 million shares) also at Rs. 8.30 per share in a deal worth Rs. 1 billion.
The sale was on account of exercising the Put Option. At the time of the original sale of 51% stake Sunshine/Estate Management agreed it will not accept the mandatory offer except to the extent of ensuring Lotus Renewable acquired at least 75.65% subsequent to the mandatory offer.
Via the mandatory offer Lotus acquired a further 24.65% stake increasing the holding to 75.65%
Following the sale of control, Estate Management held 58.33 million shares and had a put option to sell all or part of the stake within a period of three months from the expiry of Mandatory offer.
Lotus Renewable is an investment company with interests in renewable energy. It is part of G&G Group of Companies with operations in Singapore, Malaysia, Sri Lanka, Africa, India and Australia in sectors covering agriculture, commodities and renewable energy. In Sri Lanka it currently has a portfolio of 9 MW of power generation capacity and operates through listed subsidiary Lotus Hydro Power PLC and Zyrex Power Company Ltd.
