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Friday, March 25, 2011

DCSL buys into Pelwatte

*Major stake under Melstacorp

*Total investment tops Rs 880m

Ramani KANGARAARACHCHI

Distilleries Company of Sri Lanka (DCSL) headed by business tycoon Harry Jayawardena has brought over a substantial stake in Pelwatte Sugar Industries.

Distilleries Company of Sri Lanka subsidiary Melstacorp (Private) Limited purchased 31,966,000 shares of Pelwatte Sugar Industries Limited for Rs 27.50 per share, the company said in an announcement to Colombo Stock Exchange yesterday.

This amounts to a 47 percent stake in Pelwatte Sugar Industries Limited. The company bought these shares from Master Divers investing Rs 880 million.

The Master Divers also sold 2.66 million shares of Pelwatte Sugar Industries recently.

Master Divers Chairman Ariyaseela Wickramanayake told Daily News Business that he sold this shares as he was convinced Harry Jayawardena to be an ideal partner.

“I will be looking after the dairy sector and Jayawardena will look after the sugar sector,” Wickramanayake said.

He said there are no immediate plans to make any changes to the company other than the change of names in the board of management.

However, he hoped to develop the company together with new partner Jayawardena.

source - www.dailynews.lk