RIL Property PLC, part of the United Motors Group, yesterday signalled a key diversification move by buying control of Panasian Power PLC (PAP) for Rs. 1.65 billion.
RIL acquired by way of a series of crossing 385,469,645 ordinary voting shares representing 61.68% of the voting rights of PAP at Rs. 4.30 each.
Overall PAP saw 392 million of its shares transacted via 236 trades for Rs. 1.68 billion.
Post strategic deal, PAP closed at Rs. 4.10 down by 2.3%. It closed March 2021 quarter at Rs. 3.60.
Separately RIL announced a mandatory offer to buy the remaining shareholding.
Top three shareholders exited from PAP booking profit. Dilanka Jinadasa (23.49%), Emerald Sri Lanka Fund 1 Ltd., (20%) and Senthilverl Holdings (14.4%) were the major sellers along with related party holdings. Foreign holdings decreased by 125 million shares.
RIL operates in the commercial real estate industry where the principal activity of RIL is developing and managing grade ‘A’ commercial office space in key areas of the Colombo Business District, as well as providing a wide range of real estate services such as facilities management, leasing, land acquisition, construction management, consulting, and strategic investment.