Business

Broga Hills sells its JKH shares for Rs. 22b

The second largest investor of John Keells Holdings (JKH), Broga Hill Investment Limited, has sold its entire stake of JKH to a foreign entity this morning (9).

Broga Hill Investment Limited, a subsidiary of Malaysia’s Khazanah Nasional Berhad, held a 10 percent stake at JKH and they were sold at Rs. 160 per share.

The total value of the transaction is Rs. 22 billion and the transaction was done by CT CLSA Securities (Pvt) Ltd (formerly CT Smith Stockbrokers Pvt Ltd).

Speaking to The Sunday Morning , an official from the Colombo Stock Exchange (CSE) noted that details of the foreign entity, who bought the shares, will be announced shortly.

Khazanah Nasional Berhad is the sovereign wealth fund of the Government of Malaysia. Broga Hills increased their shareholding in JKH to 10 percent in October 2013.