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Shaw Wallace & Hedges Limited and Shaw Wallace Investments PLC, subsidiaries of Renuka Group yesterday acquired 63.54 percent stake of Carson Cumberbatch group’s specialised private equity company, Guardian Capital Partners PLC (GCP) for Rs.535.37 million after the earlier agreement to dispose its entire holding in GCP to Singapore-based Gazelle Asset Management Pte Ltd fell through.
According to market disclosures filed by Renuka Group and its subsidiary Shaw Wallace Investment, Shaw Wallace & Hedges, which acts as Renuka Group’s holding company of property development sector companies, purchased 8.7 million shares or 33.67 percent stake for Rs.283.24 million while Its associate, Shaw Wallace Investments PLC purchased 7.74 million shares representing 29.97 percent stake in GCP for Rs.252.1.3 million at Rs.32.30 per share.
GCP had a net asset per share of Rs.30.56 as at June 30, 2021.
Earlier this month, GCP and its immediate parent Ceylon Guardian Investment Trust PLC (CGIT) — units of Carson Cumberbatch Group announced the termination of the Share Sale and Purchase Agreement (SSPA) entered late last year to sell 83.97 percent stake held by CGIT in GCP to Gazelle due to the latter’s failure to complete the purchase.
https://www.dailymirror.lk/business-news/Renuka-Group-acquires-63-5-of-Carsons-private-equity-firm-for-Rs-535mn/273-223552
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