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.
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