Softlogic group subsidiary Asiri Hospital Holdings PLC (ASIR) said it was selling new shares to emerging market private equity firm Actis Investment Holdings SL Limited in a private placement deal.

Accordingly, 38.4 million new ASIR shares will be sold to Actis at a price of Rs.22 per share. The deal would amount to a total consideration of Rs.845.7 million. Such shares when issued will constitute 3.38 percent of the issued ordinary shares of  the company. 

As at June 30, 2015, Actis as the second largest shareholder of ASIR held 26.17 percent stake.

Proceeds of the new share sale will be utilized to part fund the purchase of 67.9 million ordinary shares of Central Hospital Limited (CHL). 

Such a purchase would result in ASIR consolidating the direct stake that the company has in CHL from 68.13 percent to Rs.99.73 percent.

The sale of shares is subjected to Colombo Stock Exchange and shareholder approval.