Dubai family-owned Al-Futtaim Group has bought a majority stake in Sri Lankan automotive firm Associated Motorways for 300 million dirhams ($81.70 million) to tap economic growth in the country. Shares of Associated Motorways (AMW), Sri Lanka's only agent for Nissan vehicles and Yamaha motorcycles, closed 2.65 percent up.
"Al-Futtaim ... announced a deal worth in excess of 300 million dirhams to acquire a majority shareholding in Associated Motorways," the Dubai firm said in a statement on Monday.
Geeth Balasuriya, assistant research manager at HNB Stockbrokers told Reuters earlier on Monday that over 71 percent of the Associated Motorways shares held by two companies were sold to Al-Futtaim Engineering at 174.5 rupees ($1.62) a share. "John Keells Holdings sold its 20 percent holding in AMW, while Associated Electrical Corporation sold a stake of around 51 percent in (the automotive company)," Balasuriya said.
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