Dr. Ali Asger Shabbir yesterday purchased 85,557,022 ordinary shares of Ceylon and Foreign Trades PLC (CFT) at a price of Rs. 5 per share thereby increasing his stake to 61.027%.
Dr. Shabbir confirmed the purchase and mandatory offer to acquire the balance issued and fully paid voting shares of CFT in a corporate disclosure sent to the Colombo Stock Exchange yesterday. Ceylon and Foreign Trades PLC traces its history back to 1949, one year after the country gained independence from British rule, when a group of pioneering businessman banded together to form this company.
CFT is one of the oldest trading companies in Sri Lanka, which was established in 1949 and became a publicly quoted company in 1978.
CFT, an asset rich company which is mainly into real estate, at present owns a two-acre warehousing complex at Bloemandal Road, Colombo, a 96-perch plot of land in Sedawatta, a five-acre property in Grandpass which is known as the Unilever property and 22% ownership in On’ally Holdings PLC which is a public quoted company with substantial real estate interest in the country including Unity Plaza, becoming it’s second largest shareholder.
The Net Asset Value of CFT amounts to Rs. 12.54 per share as per the latest published interim accounts which is a significant discount to its market trading price.
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