Sri Lanka Melstacorp may divest stake in Aitken Spence

25 January 2012: Sri Lanka's Melstacorp, a unit of Distilleries which bought more than 30 per cent of Aitken Spence said it may sell down its stake if it is asked to pay a price higher than 112.83 Rs to buyout other shareholders.

But one of the firm's non executive directors had bought shares at a higher price during the past 12 months and the Securities and Exchange Commission had asked it to pay a higher price. Usually the mandatory offer is made at the highest price made by the buyer or several buyers acting in concert.

Source: Lanka business online