Broga Hill Investments Ltd. the second largest investor in the John Keells Holdings entity sold its entire stake to a foreign entity for 22.6 Billion. The foreign entity is thought to be the Fairfax group of Canada. Approximately 142 Mn. shares or a 10.8% stake were exchanged hands at a Rs.162 per share.
This is the second biggest transaction in the history of the Colombo Stock Exchange. John Keells Holdings has as its major local shareholder, the Captain family.
Father Sohli Captain and son Rusi Captain control approximately 16% of JKH and remain the dominant local shareholder in the John Keells Group.
Fairfax Canada is primarily controlled by Prem Watsa CM who is an Indo – Canadian billionaire businessman who is also the founder, chairman, and chief executive of Fairfax Financial Holdings, based in Toronto. He has been called the “Canadian Warren Buffett.”
Fairfax Financial Holdings Limited is a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and the associated investment management. Fairfax’s corporate objective is to achieve a high rate of return on invested capital and build long-term shareholder value. Fairfax seeks to differentiate itself by combining disciplined underwriting with the investment of its assets on a total return basis, which Fairfax believes provides above-average returns over the long-term.
