Hayleys takes over control of Horana Plantations for Rs. 700 m

Hayleys Group on Wednesday acquired the 51% control of Horana Plantations from Vallibel One for Rs. 700 million.

On Wednesday 12.8 million shares of Horana Plantations traded for Rs. 704.5 million accounting for 48% of the turnover. Of that 12.75 million shares were done at Rs. 54.90. The stock price increased by Rs. 3 (5.77%) to close at Rs. 55. Yesterday however,  the share price declined by 2.30 or 4% to Rs. 52.70 in an overall bearish market.

Buying broker of Wednesday’s transaction was Acuity Stockbrokers whilst the selling broker was CTCLSA. In a disclosure to the market Horana Plantations said Vallibel Plantations Management Ltd (a subsidiary of Lanka Walltile PLC) disposed of the 51% stake to Hayleys Plantation Services Ltd.