Buhardeen ups stake in Shaw Wallace Investments to 10%

High net worth individual investor Imtiaz Buhardeen has increased his stake in Shaw Wallace Investments Ltd. (KZOO) to over 10% this week. 

He reached the 10% threshold after acquiring 3.295 million shares of KZOO (formerly Renuka Capital PLC) at an average price of Rs. 12.49 per share or Rs. 41 million. His 10.18% holding is via Almas Organisation Ltd. (16.69 million shares) and Carlines Holdings Ltd. (1 million shares) according to a disclosure filed with the Colombo Stock Exchange.

He becomes the second largest shareholder of Shaw Wallace Investments, control (51%) is held by Renuka Enterprises Ltd. 

KZOO is an investment trust and actively manages a portfolio of listed equity, debt investments, private equity and investments in alternative asset classes. In its listed equity portfolio Company holds stakes in JKH, HNB, Melstacorp, Ceylon Hospitals, Watawala Plantations.

Yesterday KZOO closed at Rs. 13.10, up by 4% or 50 cents from the previous day with 11 million shares traded for Rs. 145 million. 

Out of the money received from disposing On’Ally Holdings mid-this year, KZOO acquired 20.95% of unlisted Shaw Wallace & Hedges Ltd., for about Rs. 1 billion. The latter is the holding company of the property development arm of Renuka Group.

In October the Company acquired 29.97% stake or 7 million ordinary shares of Guardian Capital Partners PLC (WAPO) at a price of Rs. 32.30 per share in a deal worth Rs. 252.13 million. Related party Shaw Wallace & Hedges Limited (SWH) bought 33.68% of WAPO. 

As per the latest financials WAPO does not hold any quoted companies and it has Rs. 796 million cash reserves in the balance sheet from the beginning of the financial year till now.

At KZOO, the percentage of shares held by the public as at 30 September was Voting 38.61% up from 22% in June. The number of voting shareholders representing the public holding was 2,366 as at 30 September up from 1,488 in June.