Turnover remains high

The indices at the Colombo Stock Exchange closed up for yesterday with turnover remaining high. The ASPI closed up by 32 points (+0.6 percent) to finish at 5,690 while the more liquid MPI index gained 20 points (+0.3 percent) to close at 5,909. Total turnover for the day was Rs 2.8 billion with John Keells Holdings accounting for Rs 306 million of the business. Reefcomber announced a one for ten consolidation of shares and a two for one rights on the new share capital at Rs 25.00 per share.

The company also announced three warrant issues. The first of them convertible to new shares at Rs 30.00 in 2011 at rate of one for every rights subscribed. The second too will be at the same ratio and price. The third warrant will be convertible into new shares at Rs 25.00 per warrant in 2015, will be issued at the rate of two for every right purchased.

The share closed at Rs 6.10 up 50 cents, the maximum it can go to under the new trading band rule.

The Stock Exchange announced the continuation of new listing rules for companies, requiring them to disclose related party transactions exceeding 10 percent equity or 5 percent of the total assets of the entity in their annual reports.

The disclosure will have to state the date of transactions, name of the related party, nature of the relationship between the company and the related party, the terms of the transaction and the rationale for entering into the transaction. -  First Guardian Equities


source - www.dailynews.lk