Mar 24, 2011 (LBO) - Sri Lanka's Master Divers had sold control of Pelwatte Sugar Industries to the Stassens group of businessman Harry Jayewardene, its chairman Ariyaseela Wickramanayake said.
"It needs a tough person to control that place," Wickramanayake said.
The firm had been experiencing labour unrest. In Sri Lanka sugar has traditionally not been a sustainable business, but operated as a tax arbitrage activity under tariff protection.
Wickramanayake said he still had a third share of the firm, and would continue to work on a dairy project.
Wickremanayake said the Jayewardene's group had 51 percent of Pelwatte. There had been speculation about the sale of the firm to Distilleries Company of Sri Lanka, but Wickramanayake had earlier denied an imminent sale.
On Wednesday 31.96 million or 47 percent of the firm were sold by Master Divers at 27.50 rupees down 9.20 from a day earlier in a deal worth 897 million rupees.
Distilleries Company of Sri Lanka said in a stock exchange filing that it had bought 47 percent of Pelwatte, through Melstacorp (Pvt) Ltd, a 100 percent owned unit.
On Tuesday Master Divers sold down a 3.2 percent stake on the market.
Pelwatte Sugar also has a distillery.
source - www.lbo.lk
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