Tuesday, August 30, 2011

Divasa Equity acquires 10% of HVA

Divasa Equity Private Limited yesterday bought 10 percent or 6,642,866 shares of HVA Foods PLC, each share at Rs.45, a filing to the Stock Exchange said.

Advertisers turned investors Dilith Jayaweera and Varuni Amunugama Fernando function as directors of Divasa Equity, which was earlier known as Emagewise.

The seller of the shares was HVA Lanka Exports Private Limited which is the parent company of HVA Foods PLC.

The disclosure filed also said that Varuni Amunugama Fernando is a director of HVA Lanka Exports.
According to Divasa Equity’s Dilith Jayaweera, this purchase of shares is ‘strategic’.

When asked whether the price they bought HVA was reasonable, Jayaweera said that the share price went up because of talks that Divasa was negotiating a stake.

Not long before, HVA share was trading at Rs.15 levels last week, even below the IPO price of Rs.16.

In the meantime, shares of HVA Foods PLC traded heavily yesterday contributing Rs.1.1 billion to the market turnover of Rs.2.5 billion.

HVA share was trading heavily since morning, and the day closed with 25.2 million shares being traded.

The share gained over Rs.6 compared with previous closing price of Rs.38.50.  HVA opened trading at Rs.39.10 and went as high as Rs.46.40 and closed at Rs.46. One crossing of 6,642,866 shares was executed at Rs.45, which was later disclosed to the Stock Exchange.

HVA has 66.4 million shares in issue. The company recorded a net profit of Rs.8.3 million in the fourth quarter of 2011.

source - www.dailymirror.lk

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