Richard Pieris sells 21% AMW stake

Richard Pieris and Company Ltd. sold its 21% stake in AMW purchased last year, at Rs. 330 per share, raising Rs. 569 million.

A spokesman for the company said "we acquired this 21% stake in September 2005 at Rs. 250 per share as there was good value in the share with AMW performing well last year, particularly in the Automobile sector. Considering the other commitments of Richard Pieris's we decided to exit from this investment at a good profit and realign our equity portfolio".