We recommend a BUY for Coco Lanka on 8th of Dec.At that time it was tarding at Rs 50.25. We saw a minimum 20% price appreciation for the share on back of several positive news such as improved profitability YOY as at 30.09.2009, Listing of Renuka Agri foods , New listing of RHL X (non voting) shares in the market, Sub division of 5 for 1 offered by RHL etc.
To day Coco lanka closed at Rs 56.00 ( 11.4% price appreciation since Our buy recommendation). Further they have annouced following,
:- Five (05) new ordinary voting shares for every seven (07) existing ordinary voting shares held
:-One (01) ordinary non voting share for every seven (07) existing ordinary shares held
:-Issue Price:- Ordinary Voting share-Rs.35/-
:-Ordinary Non Voting share - Rs. 25/-
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