Sri Lanka’s RIL Property acquires 30-pct stake in United Motors Lanka
RIL Property PLC announced on the Colombo Stock Exchange that it acquired a 30 percent stake in United Motors Lanka PLC from the latter’s major shareholder, M. A. Yaseen through a crossing at 2.36 billion rupees.
Acquisition of United Motors will strengthen RIL and its commercial property development activities, the Company said in a statement.
RIL has also received an undertaking from the major shareholder that he would not accept the Mandatory Offer once made by RIL.
However, in the event RIL fails to secure adequate accept ancesunder the Mandatory Offer by the minority shareholders, to ensure it holds 51 percent in UML; the major shareholder will facilitate this by divesting a further quantity of shares to RIL in order for RIL to hold a majority shareholding.
UML, establishe...