Lankem disposes Sigiriya Village stake to related party

Lankem Ceylon PLC yesterday disposed an equity stake of 23.12 percent, amounting to little over two million shares, in subsidiary company Sigiriya Village Hotels PLC to a related party, with no change to the ultimate ownership. The transaction, which took place on the trading floor of the Colombo Stock Exchange (CSE), was carried out at Rs.32 per share. 

The buyer of the shares was Union Investments (Pvt.) Ltd, a unit of Colombo Fort Hotels Limited, a subsidiary of Lanka Ceylon PLC.

The shares were held through a margin facility from Pan Asia Banking Corporation PLC.