K Sera Sera ups stake in Citigold Corporation to 8.77%

Film production and distribution firm K Sera Sera Ltd (KSS) today said it has increased its stake in Australian gold producer Citigold Corporation Ltd to 8.77% by buying additional 3.75 crore equity shares for AUD 3.37 million (about Rs 16 crore).

The share purchase deal has been made through KSS's wholly-owned subsidiary K Sera Sera Holdings Pty Ltd (KSSA), KSS said in a filing to the Bombay Stock Exchange.

"With this investment, KSSA becomes the single-largest shareholder of Citigold Corporation having invested a total amount of AUD 10.3 million and as on date holds 96,951,372 shares representing 8.77% of Citigold share capital," it added.

In recognition of KSSA becoming the single largest shareholder, Citigold has consented to appoint two directors on its Board nominated by KSSA, it added.

In December last year KSSA had acquired 5.11% stake in Citigold.

Based in North Queensland, Australia, Citigold is listed on Australian Securities Exchange (ASX) and has a resource base of 10 million ounces (311 tonne).

KSS's scrip closed at Rs 11.29 per piece, up 0.09% compared to the previous close on the BSE.