Apr 242013

Leading News from Sri Lanka::

* Sri Lanka’s Hemas Power acquires 20 percent stake of Malaysian firmWed, Apr 24, 2013, 11:45 pm SL Time, ColomboPage News Desk, Sri Lanka.

Apr 24, Colombo: Sri Lanka’s Hemas Power has acquired a 20 percent stake of Panasian Power PLC from Power Hub International SDN BDH of Malaysia by paying a sum of Rs. 300 million.

A stock market disclosure issued by Hemas Power Wednesday said, it purchased 100 million shares at Rs. 3 representing 20 percent stake in ordinary share capital of Panasian Power.

Together with the 36.2 million shares of subsidiary Okanda Power Grid Ltd. and 10.3 million shares of another subsidiary Agra Oya Hydropower Ltd. Hemas Power, acting in concert with its subsidiaries, now owns 146.5 million shares of Panasian power.

This represents a total of 29.3% ownership of the power firm, which is the largest stake held by a single party in Panasian Power.

Hemas Power said this acquisition is in line with the firm’s aspiration to expand its generating capacity in the renewable energy sector in Sri Lanka.

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