E-Channelling (ECL) PLC yesterday informed the Colombo Stock Exchange (CSE) that it disposed its entire shareholding in Blue Diamond Worldwide Jewellery Plc (BLUE) for Rs.133.4 million, obtaining a capital gain of approximately Rs.68.2 million.
According to June 30, 2011 interims, ECL had 13,672,000 shares or 13.24 percent shareholding in BLUE. A crossing of 11 million BLUE shares took place yesterday on the CSE flour, each share at Rs.10 for Rs.110 million.
Although it was not disclosed who the buyer of these shares was immediately, unconfirmed reports suggested the buying party was British American Technologies, a major shareholder of BLUE earlier.
The exit of ECL from BLUE was termed as a ‘pumping and dumping story’ by market analysts just after the disclosure was filed to the Stock Exchange by the company.
After the purchase of BLUE shares by Sri Lanka Insurance (SLIC) a few weeks back, it was highly speculated that ECL and SLIC will jointly acquire the controlling stake of BLUE.
SLIC has 12.7 percent of BLUE as at June 30, 2011.
source - www.dailymirror.lk
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