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Tuesday, May 24, 2011

Colombo Land becomes biggest attraction of the day

By Indika Sakalasooriya

Colombo Land and Development (CLND) saw another day of heavy trading, following the acquisition of its controlling stake by Dilith and Varuni duo’s Emagewise and its two subsidiaries Waskaduawa and Kalpitiya Resorts.

By looking at the trades, it was evident that the bull run on CLND yesterday was driven by retailers. There were only two trades in excess of 100, 000 shares and not a single crossing.

The total number of CLND shares traded for the day was 31 million and it contributed Rs.956 million to the day’s turnover.

The share closed at Rs.32.30, up Rs.12.20 and rallied to a high of Rs.34.60. The average share price traded was Rs.30.8.

Last Friday, Emagewise and its subsidiaries bought 41.5 million shares of CLND, the company that owns Liberty Plaza in Colpetty.

The shares were bought from Singapore-based owners of the company, and a stock exchange filing yesterday said that Ng Eng Ghee, a director of the company divested over 10 million of his shares.

CLND has 199.9 million shares in issue.

Due to high retail interest, the market regulator yesterday imposed the 10 percent price band on CLND with effect from May 24, 2011 to May 30, 2011. A price band was also imposed on Guardina Capital Partners (WAPO).

source - www.dailymirror.lk