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| Monday, 24 June 2002 |
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90 p.c. of Sevanagala bought for Rs. 550 m The sale of 90% of Sevanagala Sugar Industries Ltd. (SSIL) to Daya Apparel Export (Pvt) Ltd. for Rs. 550 million was concluded on Thursday at the Treasury. The Government will gift 10% of the shares to employees. The sale agreement was signed by the Secretary to the Treasury Charitha Ratwatte and Daya Gamage, Chairman of Daya Apparel Exports after which the full purchase price was paid to the Government. The agreement requires Daya Apparels to offer to purchase all shares gifted to employees at the price paid for the 90% shares. The buyer also agreed to transfer Rs. 64 mn out of the cash balance of SSIL in to a Gratuity Trust Fund for employees of Sevanagala. |
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