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Sri Lanka Emagewize buys into hydro firm

June 6, 2011 (LBO) - Emagewize (Pvt) Ltd, has bought 77 million shares in Panasian Power, a mini hydro firm for 6.
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00 rupees a share, director Dilith Jayaweera said, in a deal valued at 460 million rupees.
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Emagewize has recently bought into Colombo Land, the owners of a shopping complex.

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It also controls Citrus Leisure, a hotel firm.

Some Colombo Land stock was later bought by a Citrus unit.

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A block trade of 76.6 million took place at 6.00 rupees.

Panasian Power traded as high as 7.

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70 rupees in intra day trade.

Panasian Power is controlled by Malaysia based Power Hub International which owns 42 percent of the firm.



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The seller on Monday was Palace Path Holdings (Pvt) Ltd, which owed 97 million shares of 19.4 percent by March 2011.

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