ECONOMYNEXT - A controlling 60.8 percent stake in Agalawatte Plantations Plc, a unit of Sri Lanka privately held Mackwoods group was traded on the Colombo Stock Exchange Thursday in deal valued at a little over 300 million rupees.
Until the sale Mackwoods Plantations (Pvt) Ltd held 60 percent of the firm.
Members of the controlling Nonis family have been involved in a series of legal battles for control alleging mis-management and oppression.
Key shareholders petitioned court to hold a extra-ordinary general meeting and appoint directors, alleging that Chairman Chris Nonis was siphoning money off to the UK through fictitious marketing campaigns.
Nonis has denied the charges.
Agalawatte Plantations is a privatized plantations company which also grows palm oil.
Until the sale Mackwoods Plantations (Pvt) Ltd held 60 percent of the firm.
Members of the controlling Nonis family have been involved in a series of legal battles for control alleging mis-management and oppression.
Key shareholders petitioned court to hold a extra-ordinary general meeting and appoint directors, alleging that Chairman Chris Nonis was siphoning money off to the UK through fictitious marketing campaigns.
Nonis has denied the charges.
Agalawatte Plantations is a privatized plantations company which also grows palm oil.
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