Feb 29, 2011 (LBT) - Controlling shareholding of Sathosa Motors PLC (SMOT) amounting to 3.6mn shares (59.66%) changed hands short while ago via crossing at the Colombo Stock Exchange (CSE) at a price of Rs 235 per share. According to market sources the seller is likely to be the ITOCHU Corporation and the buyer is Sumal Perera led Access Engineering Ltd which has announced its IPO few days ago. Mr Sumal Perera is the current Chairman of Sathosa Motors PLC.
The origin of Sathota Motors goes back to 1962, where ISUZU Agency was secured by the Co-operative Wholesale Establishment in 1962. The Company was peopleised on the 26th of August 1992 and 60% of Issued capital was acquired by M/s C Itoch & Co. Ltd (Itochu corporation) Japan , one of the largest trading organization (sogo-shosa) in Japan and Of the remainder 10% was gifted to employees & 30% issued to the General Public.