Sri Lanka Stock Picks

Sri Lanka stock picks site has been developed to give first hand information with regard to share trading opportunities available for investors who do not like go through lengthy research reports, calculations,etc but to have a clear idea about stocks that have future up side potential.Our service is just not for day traders but for the investors who wish to see their money growing in the long run.Our main objective is to provide information relating to trading under one roof.

Friday, October 26, 2012

Lionhart sells more of ERI, Caledonian now owns 13%

Biggest shareholder Lionhart shed further stakes worth Rs. 587 million in ERI this week.

On Tuesday it sold 24 million shares or a near 7% stake of ERI for Rs. 361.6 million to Caledonian Securities.

A fortnight ago the Daily FT exclusively reported the first set of purchases by Caledonian, whilst this week following the additions, the foreign investor disclosed to the CSE that it now owns 13.12% or nearly 46 million shares of ERI.

Lionhart also sold 24 million each of Warrants 0003 and Warrants 0006 for Rs. 107.7 million and Rs. 117.3 million respectively.

As at June 2012, Lionhart Investments Ltd. held a 75% stake in ERI and with recent shedding, the current stake is estimated to be below 60%.

source - www.ft.lk