Lanka Realty Investments PLC, formerly known as Ascot Holdings PLC, yesterday said it purchased 47.2 million shares of On’ally Holdings PLC, which constitutes to 50.8 percent for Rs.1.4 billion, paying Rs.30.20 a share.
On’ally Holdings PLC owns and operates the Unity Plaza building in Bambalapitiya. Renuka Capital PLC, which had 40.7 million On’ally shares, which constituted to Rs.43.8 percent, sold its entire stake to Lanka Realty for Rs.30.20 a share, a market filing by Renuka Capital said.
The Urban Development Authority (UDA) owns 41.6 million shares of On’ally, which constitutes to 44.8 percent.
A couple of years ago, Renuka Capital made a play to acquire the control of On’ally by triggering a mandatory offer but the UDA decided to hold on to its shares.
High-net-worth foreign investors hold over 80 percent of Lanka Realty’s shareholding, while the biggest local shareholder is Joint Managing Director Hardy Jamaldeen, with a 15 percent stake.
The On’ally share yesterday closed Rs.7.30 or 27.55 percent, up at Rs.33.80. As at September 30, 2020, the net asset per share of the company was Rs.23.47.
For the six months ended September 30, 2020, On’lly made a post-tax profit of Rs.67 million, on a turnover of Rs.85 million.
As at same data, the total assets of the company stood at Rs.2.9 billion and had retained earnings of Rs.1.86 billion.
Following the acquisition of shares, Lanka Realty is expected to announce a mandatory offer to purchase the remaining shares of On’ally, which has a total of 93 million shares in issue.
Source From asianmirror business
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