Employees Provident Fund (EPF) yesterday bought a 5% stake in Piramal Glass Plc for Rs. 280.5 million increasing its overall holding to near 10% thereby becoming the single largest local shareholder.
Prior to yesterday’s purchase, EPF held 4.11% stake as at end 2011, up from 1.94% in September.
The block of 5% stake amounted to 45.3 million shares done at Rs. 6.20 each, 20 cents above Friday’s close. The stock price of Piramal ended 10 cents down with a total of 45.5 million shares traded. Its net asset per share is Rs. 3.20.
The seller was high net worth individual R.F.T. Perera, who in end September held 6% stake or 57 million shares.
EPF’s buying into Indian-controlled Piramal, was part of an overall Rs. 325 million investment in to listed securities yesterday.
Among other shares it bought were Rs. 16 million worth of Dipped Products and Rs. 9 million worth of Sampath Bank shares.
In the nine months of 2011/12 financial year, Piramal Glass made a Rs. 588.6 million profit, up from Rs. 400 million a year earlier. It also managed to improve third quarter profit to Rs. 205 million from Rs. 190 million.
However with the recent increase in fuel and electricity prices, analysts said the Company was worst hit. In that context, EPF’s buying to Piramal had raised a few eyebrows.
source - www.ft.lk
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