Environmental Resources Investment PLC (ERI) yesterday said that, Environment Resources Limited (ERL), a company incorporated in British Virgin Island, which is part of ERI's investment, has disposed Canadian dollars 410 million worth of shares in Eastern Platinum Limited, which is a listed entity in Toronto Stock Exchange.
Confirming the sale of shares Deutsche Bank of Colombo as the custodian of the shares said shares stated "As per your request, we hereby confirm that the proceeds of CAD 41, 363,867.20 pertaining to the sale of 24, 048, 760 shares of Eastern Platinum Limited have been received to the credit of Environmental Resources Limited".
ERI has an agreement for the purchase of the entirety of the shareholding of ERL for a maximum price of US $ 76 million of which approximately US $ 18 million have been paid to date.
ERI shares have been the darling of both retailers as well as several high networth individuals in the Colombo Stock Exchange in 2009 and the company was even included in the top 10 companies in terms of market capitalization.
According to brokers this has been a long awaited announcement.
source - www.dailymirror.lk
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