De Zoysa’s meet press, explains exit from AMW

Associated Motorways Ltd (AMW) called a press conferencetoday to explain the reasons for the sale of the De Zoysa family-held stake in the company.

Stock brokers and analysts said the De Zoysa family stake (51 percent held through Associated Electrical Company-AEC) had been on offer for many years at various times. “They (AEC) got a good price,” one analyst said. The name of Dubai-based Sri Lankan investor Alex Lovell (who AMW Chairman Ajita de Zoysa introduced to the Union Bank as an investor some years ago) also figured as a party connected to today’s transaction, the anayst said.

While the transaction of the family-held company seemed to stump many in the media, it was no surprise in the Colombo bourse. It was also unlikely that the JKH sale of its stake in AMW was connected to last week’s judgement against the privatisation of LMSL.