By Jithendra Antonio
Despite active interest in the banking and finance counters at the Colombo bourse yesterday, Senkadagala Finance share introduction debut ended up with no shareholder willing to sell their shares. As per the order book, there were 58.3 million bidders for the shares.
The bidding went up more than 10 times of the net asset value of the share, as the highest bid was at Rs.206. The estimated book value of Senkadagala share is Rs.20.
Senkadagala Finance listed its shares in the stock market, adhering to the directive issued by the Central Bank of Sri Lanka, which said that all the banks and registered financial companies should seek a listing in the Colombo Stock Exchange.
According to the Introductory Document prepared by Capital Alliance, the Managers to the Issue, Senkadagala Finance has 53.368 million shares in issue, and is controlled by EW Balasuriya & Company, who together with directors own around 90 percent of the company. A further 7.7 percent is owned by the company’s senior management.
The total number of shareholders of the company amount to 19. E.W Balasuriya & Company, the single largest shareholder of the company holds 56.38 percent.
Back in October 2010, Citizens Development Business Finance Ltd (former Ceylinco Development Bank) came to the CSE by way of an introduction and shot up over Rs.170 on first day of trading, and now trades as low as Rs.83 per share.
source - www.dailymirror.lk
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