Hemas Holdings to sell Hemas Power to Sri Lankan consortium

October, 14, 2014

Hemas Power PLC has entered into an agreement for the sale of its entire 60 million shares constituting 50 percent of the total issued voting shares of the thermal power plant Heladhanavi Limited to Lakdhanavi Limited for Rs. 531,753,373.

Meanwhile, Hemas Holdings PLC is to divest its investment in Hemas Power PLC to a consortium of buyers consisting of NDB Capital Holdings PLC, ACL Cables PLC and Trydan Partners (Private) Limited and dispose its entirety of 93,900,000 shares (approximately 75 percent) of the total issued shares of Hemas Power PLC at Rs. 1,680,810,000 at Rs. 17.90 per share.

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