Controlling shareholder Emagewise Ltd, yesterday increased its holding in Citrus Leisure to 35%.
The hike follows it picking up around 2% stake yesterday from the market.
Around 3.08 million shares of Citrus Leisure traded between a high of Rs. 85 and a low of Rs. 75 before closing at Rs. 76.60, up by Rs. 1.40. Among the trades was a crossing of 866,000 shares at Rs. 75 each. Deals on Citrus worth Rs. 232 million made the biggest contributor to the market turnover yesterday.
The main seller of Citrus shares yesterday was high networth investor Nimal Perera whom the market said had exited totally from the leisure venture. Nimal was instrumental in Vallibel Group exiting from the then Amaya Reef owning company – Hotel Reefcomber by unloading control to all and sundry in the market and Emagewise and few others picking up strategic blocks.
Sources said of late Nimal has been on the selling side as he figured in the sale of 1 million shares of LB Finance and Vallibel Finance this week. He also part sold his stake in Colombo Pharmacy a few weeks ago.
The decision to increase the stake reflects the growing confidence on the part of Emagewise both on Citrus as well as post-war tourism. It and related parties recently concluded a mandatory offer at Rs. 86 per share after connected parties triggered the Code.
Citrus is currently on course with an aggressive expansion including setting up new resorts in Kalpitiya and Waskaduwa apart from revamping the property at Hikkaduwa.
source - www.ft.lk
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