Saturday Dec 14, 2024
Saturday Dec 14, 2024
Friday, 28 July 2017 00:00 - - {{hitsCtrl.values.hits}}
Dr. Ali Asger Shabbir yesterday purchased 85,557,022 ordinary shares of Ceylon and Foreign Trades Plc (CFT) at a price of Rs. 5.00 per share, thereby increasing his stake to 61.027%.
Dr. Shabbir confirmed the purchase and the mandatory offer to acquire the balance issued and fully paid voting shares of CFT in a corporate disclosure sent to the Colombo Stock Exchange yesterday.
Ceylon and Foreign Trades Plc traces its history back to 1949, one year after the country gained independence from British rule, when a group of pioneering businessman banded together to form this company. CFT is one of the oldest trading companies in Sri Lanka, which was established in 1949 and became a publicly quoted company in 1978.
CFT being an asset rich company which is mainly into real estate, presently owns a two-acre warehousing complex along Bloemendal Road, a 96-perch land in Sedawatta, a five-acre property in Grandpass which is known as the Unilever property and holds 22% ownership of On’ally Holdings Plc, which is a public quoted company with substantial real estate interest in the country including Unity Plaza becoming its second largest shareholder.
The Net Asset Value of CFT amounts to Rs. 12.54 per share as per the latest published interim accounts, which is a significant discount to its market trading price.
Dr. Shabbir is an experienced entrepreneur who has already acquired a reputation in the market for reviving companies through tighter cost control, security and risk management, coupled with a fresh perspective on the respective businesses. Therefore this acquisition will be just the beginning of a future rife with potential for Ceylon and Foreign Trades Plc and its stakeholders.
