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Friday, March 16, 2012

Foreign interest in JKH persists with big deal "imminent’’

Foreign interest in John Keells Holdings (JKH) persisted yesterday with nearly 0.2 million shares transacted closing flat at Rs.195 while rumours persisted in the market that the sale of a big block of blue chip conglomerate was "imminent."

The EPF is expected to sell approximately 9% of JKH to a foreign fund in a deal which would be one of the biggest ever on the Colombo market once concluded. There has been market talk about the pending deal for the past several days.

Some large trades in NTB where JKH and Central Finance are under regulatory directions to reduce their holdings is also expected in the short to medium term, brokers said.

The market dipped yesterday from the previous day’s turnover of over a billion rupees with business volumes down to Rs.419.1 million from Wednesday’s Rs.1.2 billion with both indices once again closing in opposite directions – the All Share down 20.87 points (0.39%) and the Milanka up 11.37 points (0.24%) with 73 gainers outpaced by 120 losers.

Ascot Holdings was the most traded stock yesterday closing Rs.2.10 up at Rs.202 on over 0.4 million shares. However, there was a crossing of 145,000 shares at Rs.220 among the trades, brokers said.

Commercial Bank which gained 30 cents to close at Rs.99.90 on over 0.3 million shares saw some fairly big parcels done at Rs.100, brokers said.

Access Engineering whose IPO was over-subscribed on the opening day announced the basis of allotment with applicants up to 400,000 shares getting 100% of shares applied for.

Applications between 400,000 and one million (inclusive) will get approximately 90.53% and applications over one million will be allotted one million shares each.

The company said that there were 802 retail applications for up to 4,000 shares and 128 applications up to 400,000. There were seven applications of between 400,000 and one million shares and eight applications for over a million shares. A total of 942 applications covering slightly over 306 million shares had been received.

source - www.island.lk