New AMW owner offers to buy balance shares

Dubai-based Al Futtaim Engineering LLC, the new owner of Sri Lanka’s Associated Motorways Ltd (AMW), on Thursday announced the customary offer to purchases the remaining (29.8 percent) shares in the company.

On Monday, the De Zoysa family sold their majority 51 percent stake in AMW and at the same time John Keells Holdings sold its 20 percent stake in the company, both to the same Dubai firm which now has a 71 percent stake in the firm. The De Zoysa brothers – Ajita and Tilak – however remain in management control at the request of the new owner.

A statement issued by Al Futtaim to the Colombo Stock Exchange today said that the company was offering to buy at Rs 174.50 per share the remaining 16 million or 29.84 percent of the balance shares at AMW. The mandatory offer is required by law once a company owns a certain amount of shares.