Distilleries sell stakes held in three firms, to a ‘subsidiary’ firm

Distilleries sell its 'stakes' in three firms to a 'subsidiary'

Distilleries Company of Sri Lanka has sold the shares it held in the Browns Beach Hotel and two plantation firms to its fully owned subsidiary Melstacorp (Private) Limited.

Accordingly, the Distilleries Company has transferred 54,065,132 shares of Browns Beach Hotel PLC, to Melstacorp at a price of Rs. 13.30 per share.

This share amount represents a 41.72% stake of the Browns Beach Hotel PLC.

Listed Distilleries firm has also transferred 9 million of Mudulsima Plantations PLC shares or 31.03% stake it was holding to Melstacorp at a price of Rs. 9.10 per share.

Meanwhile, the company has transferred 10.2 million shares of Balangoda Plantations PLC it held at a price of Rs. 23.60 per share.

Distilleries owned a 43.15% stake of Balangoda Plantations PLC.

The selling took place on the trading floor of the CSE during yesterday.