Sri Lanka Stock Picks

Sri Lanka stock picks site has been developed to give first hand information with regard to share trading opportunities available for investors who do not like go through lengthy research reports, calculations,etc but to have a clear idea about stocks that have future up side potential.Our service is just not for day traders but for the investors who wish to see their money growing in the long run.Our main objective is to provide information relating to trading under one roof.

Friday, September 9, 2011

Hayleys in plantation share transfer

Ravi LADDUWAHETTY

Hayleys PLC has sold 33.3 percent of its shareholding in Hayleys Plantation Services (Pvt) Ltd to DPL Plantations (Pvt) Ltd on September 1.

DPL Plantations (Pvt) Ltd is a wholly owned subsidiary of Dipped Products PLC which is also a Hayleys Group company.

With this acquisition by DPL Plantations (Pvt) Ltd of 33.3 percent of Hayleys Plantations (Pvt) Ltd, the shareholdings of DPL Plantations (Pvt) Ltd has increased to 66.66 percent in Hayleys Plantation Services (Pvt) Ltd.

Hayleys Plantation Services (Pvt) Ltd holds 74.74 percent of Talawakelle Tea Estates (Pvt) Ltd and Dipped Products is also a member of the Hayleys Group.

"This is a strategic deal done aimed at strategizing our investment portfolio," Hayleys Group Finance Director Sarath Ganegoda said.

"DPL Plantations already held one third of Hayleys Plantations and we decided to transfer the one third held by Hayleys in Hayleys Plantations to DPL Plantations and it is in the interest of DPL Plantations to hold two thirds of Hayleys Plantations," he said.

source - www.dailynews.lk