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It was recently discussed in stock market gatherings that when Japan’s SG Holdings bought 30% stake of Expolanka Holdings for Rs. 6.3 billion although the stake amounting to 586 million shares was done at Rs. 10.70 each the shares were actually traded at around Rs.8.70 since after the transaction the deal makers was paid Rs. 1.1 billion at Rs.2 per share 'Kick Back' by Expolanka Directors.
When the Deal was done existing four directors Osman Kassim, Satter Kassim, Shafik Kassim, Farook Kassim shed 5% each from their existing stakes of 14.5% each whilst Group CEO Hanif Yusoof sold 7% stake.
Buying broker for the deal was Navara Securities (formerly New World Securities) owned by former Ceylinco Money Brokers executive now Navara group Chairman Harsha N. De Silva and the selling broker was Asia Securities. After the Deal several Associate Director Executives who have been even praying everyday morning at Asia Capital office until the Deal went through at Asia Securities have even switched their jobs in the same group beofre getting caught on the 'Kick Back' story.
SG Holdings, the holding company for the Sagawa Group, is a leading logistics company in Japan with a presence in the Asian region. With the view of consolidating its operation in Sri Lanka and strengthening its global presence, SG Holdings bought majority shares of the company in total once the mandatory offer is approved.
When the Deal was done existing four directors Osman Kassim, Satter Kassim, Shafik Kassim, Farook Kassim shed 5% each from their existing stakes of 14.5% each whilst Group CEO Hanif Yusoof sold 7% stake.
Buying broker for the deal was Navara Securities (formerly New World Securities) owned by former Ceylinco Money Brokers executive now Navara group Chairman Harsha N. De Silva and the selling broker was Asia Securities. After the Deal several Associate Director Executives who have been even praying everyday morning at Asia Capital office until the Deal went through at Asia Securities have even switched their jobs in the same group beofre getting caught on the 'Kick Back' story.
SG Holdings, the holding company for the Sagawa Group, is a leading logistics company in Japan with a presence in the Asian region. With the view of consolidating its operation in Sri Lanka and strengthening its global presence, SG Holdings bought majority shares of the company in total once the mandatory offer is approved.
