Tuesday Apr 22, 2025
Tuesday Apr 22, 2025
Thursday, 10 April 2025 00:08 - - {{hitsCtrl.values.hits}}
Hayleys PLC has acquired a 10.8% stake in Diesel & Motor Engineering PLC (DIMO) for around Rs. 1 billion.
The seller was EPF, which as at 31 December 2024 held 1.8 million shares or 19.89% stake as the largest shareholder.
Hayleys bought 9.79% stake amounting to 0.9 million shares at Rs. 1,050 each on 7 April, and picked up nearly 96,000 shares on 8 April with the biggest block of 92,707 shares at Rs. 1,000 each.
The purchase reflects a re-entry of Hayleys into DIMO. In 2008, Hayleys sold its 28% stake in DIMO amounting to 3.8 million shares at Rs. 147 each in a deal worth Rs. 558 million.
The stake was acquired by the Pandithage family members.
DIMO has of late diversified into agriculture in a big way.
Post announcement, DIMO shares gained by Rs. 40.75 or 4% to close at Rs. 1,050 and was among the few gainers in a bearish market. Hayleys’ share price declined by 6% to Rs. 129.75.
