Aitken Spence has announced that they have finalized the formalities of their sale of the 30 % shareholding in CICT to China Merchants Holdings (international) company Limited (CMHI) their joint venture partner.
The Sale was on normal commercial terms which have been determined through arms length negotiations between the parties. The directors consider the sale is in the best interest of the company and their shareholders.
Aitken Spence is very pleased that having attracted CMHI to partner with them as the sole bidder for the development and operation of the Colombo South Terminal the Project has now commenced which is in the greater interest of the country.
Aitken Spence PLC will realize a capital gain of approximately Rs. 630 million on the sale of these shares.
(As disclosed to the Colombo Stock Exchange on the 26th of January 2012)