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Monday, April 18, 2011

Carsons gets nod to acquire minority SELI, SHAL stake

By Jithendra Antonio

Carson group-owned Goodhope Asia Holdings Limited’s mandatory offer has also received acceptance to acquire 7.54% of Selinsing PLC (SELI) and 3.62% of Shalimar (Malay) PLC (SHAL), followed by acceptance received to acquire 4.17% and 12.1% of Good Hope PLC (GOOD) and Indo Malay PLC (INDO).

In a filing, the stock exchange said that Goddhope Asia Holdings stake in SELI will now be increased from 87.27% (6,056,642 shares) to 94.81% with the acquisition of 523,251 SELI shares from minority shareholders, and its 76.23% stake in SHAL will increase to 79.85% with the acquisition of 251,470 shares from minority shareholders of Shalimar (Malay ) PLC.

The rest of the major stakes of Shalimar (Malay) PLC (SHAL) is held by Selinsing PLC (SELI) (10.73%), Good Hope PLC (GOOD) (3.1%), and Indo Malay PLC (INDO) (2.21%).

Carson group recently informed the Colombo Stock Exchange (CSE) its decision to purchase minority stakes in four Malaysian Oil Palm subsidiaries including, Shalimar (Malay) (SHAL), Good Hope (GOOD), Indo-Malay (INDO) and Selinsing (SELI), and thereafter de-list them from the Colombo Stock Exchange. In return, it has promised existing minority shareholders of palm oil companies, Carson Cumberbatch (CARS) and Bukit Darah (BUKI) shares.

In another notice to the stock exchange Bukit Darah PLC (BUKI) and Carson Cumberbatch PLC (CARS) directors disclosed that they have disposed 1,175,474 million shares of BUKI held by CARS at Rs.1203 per share for a consideration of Rs.1.41 billion and 1,424,079 shares of CARS held by BUKI at Rs.662 per share for a consideration of Rs.942.7 million to facilitate the offers made to buy minority stake of the four oil palm companies in Malaysia.

source - www.dailymirror.lk