Aberdeen says Expack stake sale strategic

Aberdeen Holdings yesterday sold 5 percent of its stake in Expack Corrugated Cartons PLC for Rs.282.5 million with a total of 16.6 million shares changing hands via 118 trades.

The company in a statement said the sale of shares was a strategic rebalancing of its investment portfolio.
“The company foresees that the divestment of shares would give more opportunity for public participation in the Expack shares, a share which had a record-breaking oversubscription by 11 times during the IPO in October 2021,” the statement said. 

Aberdeen Holdings CFO Chathuranga Abeyratne said yesterday’s divestment of 5pecent, as well as its previous divestment of 5 percent of Expack stake earlier in September, was a two-phased investment decision to manage its pool of diverse investments.

Aberdeen Holdings has been and continues to be the majority shareholder of Expack, since Expack’s IPO in October 2021.

Aberdeen Holdings currently holds 65 percent stake in Expack amounting to a total of 216.7 million shares with the current public float being at 35 percent, after yesterday’s divestment.