ERI purchases ERL

Environmental Resources Investment PLC (ERI) has an agreement for the purchase of the entirety of the shareholding of Environmental Resources Limited BVI (ERL) for a maximum price of USD 76 million of which USD 18 million has been paid to date the company said in a statement to the Colombo Stock Exchange yesterday.

ERL has disposed of 24,048,760 shares of Eastern Platinum Limited which is one of ERL’s investments on the Toronto Stock Exchange at a price of Canadian $ 1.72 per share for a total consideration of over Canadian $ 41 million. The sale of shares and settlement of funds to ERL have been confirmed yesterday by Deutsche Bank Colombo, the custodian of the shares.