Distilleries transfers 16.3% Spence stake to Melstacorp for Rs. 7 b

Distilleries Company of Sri Lanka (DCSL) yesterday transferred 16.36% stake out of a total of 28% in Aitken Spence Plc to Melstacorp Ltd., for Rs. 7.08 billion.

The stake amounting to 66.42 million shares was done at Rs. 106.60 per share.
As at 31 March 2012, Distilleries held 113.7 million shares in Spence amounting to 28.02% stake. Originally market feared the transaction was mysterious foreign shareholder Rubicond selling since it almost has an identical stake of 66 million shares or 16.25% stake.
However, DCSL in a filing to the CSE said it sold 16% stake to Melstacorp as part of the internal group restructuring process.
Prior to yesterday’s transfer, Melstacorp held 11.67% stake in Spence, much of the quantity collected via a mandatory offer at Rs. 115 per share. Melstacorp now holds 27.67% stake in Spence.
Yesterday’s transfer comes a day after a similar transaction involving DCSL’s stakes in Madulsima and Balangoda Plantations and Browns Beach Hotel for Rs. 1.04 billion.