In mid morning trade 976,435 shares of Colombo Pharmacy was sold as negotiated deals in five parcels for 638 million rupees or 76 percent of the firm which has only 127 million shares. The deals were at around 653.80 rupees.
ERI has taken a 66 percent stake and Nimal Perera, investment advisor to Vallibel group, has taken 10 percent.
Perera said he bought the stake as a strategic investment.
The deal was done by SKM Lanka Stockbrokers, chief executive Manjula Kumarasinghe said.
The book value of the share is slightly over 600 rupees, brokers said. The firm has real estate in Colombo's Union Place, and in the Bambalapitiya area, both prime commercial areas.
In the secondary market the stock traded at 1,200 rupees.
Key shareholders of Colombo Pharmacy included members of the controlling de Mel family and J L Morison Son and Jones Ceylon Ltd, a listed company, which held 24.2 percent of the company.
Voting stock of J L Morison rose 70 rupees to 1,500 rupees on intra-day trading Tuesday. The non-voting share rose 250 rupees to 1,300 rupees.
source - www.lbo.lk
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