Parent company increases stake in Finlays Colombo

James Finlay Ltd UK has increased its shareholding in Finlays Colombo PLC to 84.18% following the purchase of 2.34 million shares at Rs.150 per share.

According to an announcement to the Colombo Stock Exchange (CSE) this week, Finlays Colombo said that prior to the transaction, James Finlay held 27.11 million share in the company which was 77.48% of the issued share capital. The announcement was made in terms of Section 8 on Corporate Disclosure of the listing rules of the CSE.

ERI completes payment for Virgin Island Company

Environmental Resources Investment (ERI) announced last week to the Colombo Stock Exchange (CSE) that a sum of Rs.738.4 million was paid to Osiris International of BVI on 6 April 2010 from funds raised from a rights issue in August 2009.

The company stated that the amount is the first tranche regarding its 100% purchase of Environmental Resources Limited of the British Virgin Islands. The announcement further states that the total funds raised from the rights issue in August 2009 were Rs.2,086 billion out of which major shareholder’s contribution was Rs.1.9 billion.

As per the exchange control approval, 38% of the major shareholder’s funds which amounts to Rs.738.4 million were paid to Osiris International whose ultimate beneficiary is the major shareholder.