Even though 1000 shares of Senkadagala Finace (SFCL) were lodged for sale from last Friday, it seems that the sellers were not serious in selling the shares, as there were buyers who bid for more than 10 times of the real value of the share.
The company sought listing in the Colombo Stock Exchange, by the way of an Introduction, to fulfill a regulatory requirement.
During the first few days, there were over 50 million bidders willing to buy Senkadagala shares, offering more than 10 times of the book value of the share, which was around Rs.20.
The following day, there were around 30 million bids to purchase shares, though no shares were lodged.
According to the Introductory Document of the listing, the firm had a public holding of 10.08 percent and 19 shareholders.
In the nine months to December 2010, Senkadagala reported unaudited profits of Rs. 161 million, up from Rs. 57 million a year earlier, giving earnings of Rs. 3.02 per share.
source - www.dailymirror.lk
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