Melstacorp and related parties up stake in Aitken Spence

Business tycoon Harry Jayawardena managed to tighten his grip on Aitken Spence PLC this week without triggering a mandatory offer.

Jayawardena’s investment holding company Melstacorp PLC bought 8.1 million, or 1.99 percent of Aitken Spence shares last week, for Rs. 59.50 per share. The purchase increased the shareholding of Mlestacorp and related parties in Aitken Spence to 49 percent.

Market sources claim that the Scotland-based Aberdeen Asset Management, which held 11.02 percent of Aitken Spence shares by the end of June through five Aberdeen funds, was the seller.
 “According to the SEC (ACT) Rule No. 31.1, this purchase is within the 2 percent that can be acquired in a period of 12 months start from 24th March 2017 to 23rd March 2018; thus, this transaction will not trigger a mandatory offer,” Melstacorp Managing Director Amitha Gooneratne said in a statement.