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16 October, 2014 09:17 AM Source: Financial Times - Sri Lanka
Dhammika Perera.jpg

Business leader and ace acquirer Dhammika Perera yesterday effected another takeover via Hayleys Plc, buying 61% stake in Alufab Plc for Rs. 168 million.
The diversified blue chip with interest in aluminium manufacturing paid above market Rs. 23 per share for the stake amounting to 7.318 million. Alufab closed the day at Rs. 23.70, up by Rs. 4.70 or 25% topping the gained list with 9.78 million shares traded.
Swedish-based shareholders Chairman Johan Claesson and Director Victor Press were the main sellers in the deal structured by Adl Cpaital Ltd. As at 30 June 2014, the duo held 60.7% with equal holding by Claesson and Metro Incentives Inc, in which Press is an associate.
“Our clients, Johan Claesson and Victor Press, were both of the opinion that Alufab needed a strong local partner to drive the company and to ‘take it to the next level’. Given that they were located in Sweden, they did not believe they could fully leverage the opportunities that the construction boom was offering Alufab,” Adl Capital Managing Director and CEO Ishrat Rauff said.
“This latest transaction is the culmination of a restructuring exercise of the company that commenced with a Rights Issue in 2011, a project that Adl Capital was also mandated with managing. Whilst the Rights Issue led to a cash infusion of around Rs. 300 million and provided the company with a financial base to target larger projects, it needed a fresh impetus via a strong and reputable local partner,” Ishrat said.
Alufab Plc has a well established presence in the aluminium fabrication sector of the fast-growing construction industry. Some of its major projects handled include the customs’ headquarters and Kingsbury Hotel.
In FY14, Alufab turnover was Rs. 98.6 million, up by 32% but suffered a loss of Rs. 18 million, though down from Rs. 51 million loss in FY13. In 1Q of FY15, turnover was down by 19% to Rs. 23 million whilst loss was Rs. 2.3 million. Its net asset per share is Rs. 28 as at June 2014. In the June quarter, the highest price for its share was Rs. 18, and lowest was Rs. 13 as against Rs. 20.80 and Rs. 16.20 respectively a year earlier. Its 52-week high was Rs. 21.80.

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