Yaseen sheds 30% in United Motors to RIL

Business

Commercial space owners, RIL Property PLC bought 30 per cent in United Motors PLC on Wednesday morning with officials saying that the latter's potential for property development is large.

The sale of some 30.2 million shares was by United Motors PLC's largest shareholder M.A. Yaseen. These shares were traded in two large parcels on the Colombo Stock Exchange (CSE). Both parcels traded at Rs. 78. The first parcel was 20,271,000 shares and the second was 10 million shares. Mr. Yaseen had 61.20 per cent stake in United Motors PLC. The Yaseen family owns 74 per cent in RIL Property.

A RIL Property official told the Business Times that the company has been deliberating on this transaction for a while and that they saw the potential for property development at the 4.5 acre plot of United Motors adjacent to RIL Property in Colombo 2 as lucrative.

“We will be announcing the mandatory offer soon,” he said. (DE)

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