The shares of Pelwatte Sugar yesterday made a comeback, amidst high international sugar prices and speculation that a takeover plan is set in motion.The highest price for the day was Rs.44.50, and the share closed at Rs.38. According to market analysts, this could have been just a ‘push’ by those traders who bought the share at Rs.48 in a recent aloft of the share, largely due to speculation.
The largest shareholder of Pelwatte is Master Divers Limited controlled by Pelwatte Director Ariyaseela Wickramanayake. It owns over 82 percent of the company, while Ariyaseela Wickramanayake in his personal capacity holds 3 percent.
According to Wikramanayke, there is no take over bid in motion. High international sugar prices forced the share price to go up. “There’s no reason to divest my stake in the company, because of rising international sugar prices,” he added.
source - www.dailymirror.lk
No comments:
Post a Comment