Sunday, 28 April 2024
Sri Lanka's Vidullanka ups stake in Panasian Power

Sri Lanka's Vidullanka ups stake in Panasian Power

Sri Lankan hydropower firm Vidullanka said it had bought 10.5 million shares of Panasian Power on December 22 and now holds a 10.2 percent stake or 50.9 million shares in the rival firm.

Vidullanka has seven mini-hydropower stations in operation and one being built with a total installed capacity 15.5MW. it has also ventured into Africa with plans for a mini-hydro power plant in Uganda.

Vidullanka's share price closed at 5.70 Wednesday, up 0.10 or 1.79 percent.

It's newest plant is the mini-hydro power plant in Kotmale, Nuwara Eliya, a ‘run of the river’ type plant with a capacity of 4MW commissioned in June 2014.

In February 2014 Vidullanka started construction of a 1.75MW plant in Rideepana in the Badulla District.

Panasian Power also owns and operates mini-hydropower plants with a total capacity 11.9MW with new projects raising capacity to 15MW in the near future.

The stock closed at 3.20 rupees, up 0.10 or 3.23 percent.

(EconomyNext)