The Subasinghe family and related parties upped their stake in Ceylinco Insurance to 26 percent, as its share price hit an all time high on the 11 percent stake deal which saw foreign and high net-worth individuals among the sellers, market sources said.
Control of the country’s biggest life and second largest general insurer Ceylinco appears to be at large with its major outside shareholder increasing their collective stake to 26 percent on Tuesday, sources said.
Deals on a 11.7 percent voting stake, or 2.38 million shares, of Ceylinco Insurance though 176 trades generated the highest turnover of Rs. 1.77 billion with the stock price peaking at Rs. 740 before closing at Rs. 727.40, up by Rs. 82.60 or 13 percent. Tuesday’s closing is an all time high beating the previous best of Rs. 680, sources said.
Of the trades, 2.19 million shares (a10.7 percent voting stake) were done via 11 crossings at Rs. 750 each.
The seller was a foreign Emerging Market Umbrella Fund which as at 31 December, 2010 held 1.49 million shares or a 7.45 percent stake. The buyer was exporter Prabhash Subasinghe and related parties, sources said. In February a consortium involving Subasinghe and connected companies Global Sea Foods Ltd. and Global Rubber Industries Ltd., acquired a 11.52 percent voting stake in Ceylinco thereby becoming the single largest shareholding group from outside.
By end 2010 they held a collective stake of around 4 percent which was increased to near 12 percent by early February with a price of around Rs. 500 per share paid, higher by 17.5 percent or Rs. 74.30 from its previous close.
The concerned parties didn’t figure in the top 20 voting shareholders of Ceylinco as at September 2010.
High networth Ken Balendra family who were listed among top 20 voting shareholders were believed to have sold their collective minor holdings of around 600,000 shares yesterday.
source - www.island.lk
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