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Friday, September 2, 2011

Dhammika makes waves on CSE with mega deals involving Hayleys

Hayleys group companies sell to Perera,

buys control of Amaya from himBusiness tycoon Dhammika Perera made waves on the Colombo stock market yesterday with mega deals involving the Hayleys conglomerate of which he is the top shareholder driving both indices and turnover up sharply.

Perera upped is personal stake in Hayleys, buying shares held by Dipped Products as well as Dean Foster, Volanka and Toyo Cushions, members of the Hayleys Group, raising the Rs. 2.6 billion purchase consideration by selling 51% of Amaya Leisure to Hayleys and group companies.

Turnover on the bourse hit Rs.8.78 billion with the deals in Hayleys and Amaya accounting for over Rs.5 billion while the All Share Price Index shot up 72.21 points (1.05%) and the Milanka 67.94 points (1.09%) with 54 losers trailing 150 gainers.

Dipped Products, one of the main subsidiaries of Hayleys, sold 5.75% of the parent at a price of Rs.380 per share to Perera. Dean Foster sold 3.9% while the balance was smaller lots sold by unlisted companies of the Hayleys group holding shares in the parent also at the Rs.380 price.

Meanwhile Hayleys group companies including the parent bought 51% of Amaya Leisure controlled by Perera at a price of Rs.107 per share with the purchases apportioned (26.62%), Dean Foster (21.34%), Toyo Cushions (1.70%) and Volanka Exports (1.24%).

Analysts said that Perera has now increased his personal shareholding in Hayleys close to 40% and will be required to make a mandatory offer of Rs.380 per share to the other shareholders. Perera previously made a mandatory offer at the same price.

Hayleys gained Rs.18.80 yesterday to close at Rs.382 with over 7.2 million shares done between Rs.370 and Rs.382 generating a turnover of Rs.2.7 billion.

Five crossings of the Hayleys at the Rs.385 price was done shortly after the market opened yesterday and two more also at the same price around noon.

Five crossings of Amaya too were done yesterday at the Rs.107 price.

Amaya lost Rs.2.30 yesterday to close at Rs.106 on over 24.5 million shares traded between Rs.106 and Rs.120 contributing Rs.2.6 billion to the day’s turnover.

Outside the two market moving mega deals of Hayleys and Amaya, Colombo Land, Acme, Multi Finance, Colonial Motors, HVA Foods and Tess Agro saw heavy trading - much of it retail driven.

Colombo Land was up Rs.5.30 to Rs.l71 on nearly 8.4 million shares, Acme up Rs.5 to Rs.27.10 on over 11.2 million shares, Multi Finance up Rs.6.20 to Rs.68.30 on nearly 3.9 million shares, Colonials up Rs.54.60 to Rs.465 on nearly 0.6 million shares, HVA up Rs.5.70 to Rs.63 on over 2.9 million shares and Tess Agro up 50 cents to Rs.3.70 on 31.5 million shares.

JKH gained Rs.3.30 to close at Rs.215 on over 0.5 million shares while Dipped Products which will book a large capital gain on account of the sale of its Hayleys stake gained Rs.12.60 to close at Rs.125.80 on over 0.6 million shares traded.

Brokers said that both HVA and Singer Finance which are on price bands were heavily traded with Singer Finance losing Rs.2.10 to close at Rs.38.50 on nearly 1.7 million shares traded between Rs.38 and Rs.49.20.

People’s Finance announced an interim dividend of Rs.1.25 per share for 2011/12 XD from Sept. 12 and payment on Sept. 21 while Sinhaputhra announced a final dividend of Rs.0.75 for 2011 with dates to be notified later.

source - www.island.lk