RIL Property Limited (RIL), had acquired 30.27 million shares in United Motors Lanka (UML) for Rs2.36 billion, the Company said in an Stock Market filing.
RIL which owns and operates commercial office space in Colombo bought the shares from UML’s major shareholder M. A. Yaseen. RIL said it would proceed with a mandatory offer to remaining shareholders of UML.
The stake represents 30% of the 61.2% voting rights held by Yaseen in UML which has agencies for Mitsubishi and Perodua. RIL said that buying UML would enable it to use 280 perches of freehold land owned by UML adjoining RIL’s land plot.
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