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9.51% Stake Remains In EPF Hands 
Posted 17,May

By Chaveendra Dunuwille

In Local News

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The US Blackstone group recently acquired an additional 22.2% stake in Piramal  Glass Ceylon PLC and currently holds an approximate 78.65% stake in the  company through its subsidiary Pristine Glass Ltd based in India making it the  largest stake holder of the company. 

Recently the remaining shareholders were presented with an attractive  mandatory offer of LKR 11.80 per share, the additional 22.2% was obtained as a  result of this offer. However the Employee’s Provident Fund which is considered  as the second largest stakeholder in the company refused to sell its shares and  continues to retain 9.51% in the company.  

This stake is key for all future plans of the Blackstone group as once attained it  would be able to surpass the required 90% stake quota in order to delist from  the Colombo Stock Exchange. Although investors are aware of this situation they  are still unaware of the purpose of the delisting.