The director board of the Environmental Resources Investment PLC (ERI) has decided to dispose the shares in Environmental Resources Limited, BVI (ERL), which includes Eastern Platinum, a filing to the Colombo Stock Exchange said.
The decision was based on the “improving business climate with overall local economy as the company primary focus is on local investments”.
The filing noted that ERI PLC up to date has paid three tranches for 11, 874 shares totaling over Rs. 2.05 billion.
The disposal of the total 11, 874 shares is subject to regulatory approval froom the Controller of Exchange and Minister of Finance.
The purchasers of the shares would be Phantom Global Limited, BVI, and ultimate beneficiary being Lionhart Investments Ltd, who is the major shareholder of ERI.
“The expected sale price is approximately USD. 19.7 million with a capital gain of approximately USD 1.7 mn for ERI” the filing said.
source - www.ft.lk
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