Distilleries’ stake in Spence crosses 25% mark

Friday, 29 October 2010 09:52 - - {{hitsCtrl.values.hits}}

Business tycoon Harry Jayawardena yesterday extended his control in Aitken Spence to over 25% when Distilleries Company of Sri Lanka (DCSL) picked up a 2.4% stake amounting to 10 million shares for Rs. 1.8 billion.

The seller yesterday was foreign fund Arisag which has now reduced its stake to below 5% from an original 10% some time back. In September Distilleries paid Rs. 2.7 billion (prior to the one into 15 share split) to buy a 3.7% stake from Arisag thereby increasing the holding to around 23%.