Kotagala buys Union Commodities for Rs. 1.575 bn.
Turnover on the Colombo bourse nudged the billion rupee mark yesterday with indices closing in opposite directions and blue chips doing nicely, brokers said.
Turnover at Rs.959.3 million was up from the previous day’s Rs.811.9 million with the All Share Price Index which was positive most of the day closing 10.87 points (0.20%) down while the Milanka was up 13.96 points (0.28%) and S&P up 3.38 points (0.11%) with 96 gainers ahead of 80 losers while 137 counters closed flat.
Brokers said that the market had eased off slightly but block trades in Asiri Medical Services, Commercial Bank (voting) and JKH helped boost both share volumes and turnover.
"The market gave up some marginal midday gains to end lower although advances outpaced decliners. Block trades on JKH, AMSL and COMB accounted for 68% of turnover," John Keells Stockbrokers said.
Foreign purchases amounted to Rs. 380.06 million, leading to a net inflow of Rs. 310.53 million.
Asiri saw nearly 31.8 million shares crossed at Rs.9.50 in three parcels in transactions worth Rs.301.9 million, ComBank saw a single crossing of nearly 0.4 million shares at Rs.102 worth Rs.39.4 million while JKH saw over 1.4 million shares crossed in four parcels in deals worthRs.313.7 million.
Apart from the crossings, Asiri saw nearly 6.6 million shares traded on the floor closing 40 cents up at Rs.9.40 traded between Rs.9 and Rs.9.50 generating a turnover of Rs.62.4 million.
Similarly ComBank (voting) saw floor trades of over 0.2 million shares closing Rs1.20 up at Rs.103 trading between Rs.102 and Rs.103 and JKH 56,895 shares traded on the floor closing 20 cents down at Rs.217.80 on a trading range of Rs.217 and Rs.218.
Other most traded stocks included Chevron up Rs.1.50 to Rs.204 on over 0.2 million shares done between Rs.202.50 and Rs.205.20 contributing Rs.48.3 million to turnover and Pan Asia closing flat at Rs.19 on nearly 1.1 million shares done between Rs.18.50 and Rs.19.20 generating a turnover of Rs.20.5 million.
Ascot was active yesterday gaining Rs.4.10 to close at Rs.184 with 0.1 million shares done between Rs.179 and Rs.184.
Asian Alliance Insurance, following the previous day’s announcement of institutional investment from German and Dutch funds, closed Rs.1.90 up at Rs.87.10 on nearly 0.2 million shares done between Rs.87.10 and Rs.95 contributing Rs.14.million to turnover.
Kotagala Plantations announced that it has purchased 100% of the equity of Union Commodities (Pvt) Limited at a price of Rs.1.575 billion.
Union Commodities established in 1985 is a leading tea exporter ranked among the top five tea exporters in recent years and is currently the fourth largest exporter of tea from Sri Lanka.
The company owns a state-of-the-art self-sufficient factory in Kelaniya with an in-house advanced tea bagging facility, on-site purpose built storage, packaging facilities and a shipping and freight forwarding company fully owned by the group.
In addition to tea, Union Commodities exports produce like sesame, cloves, pepper and other foodstuffs.
Kotagala is one of the largest regional plantation companies owning 12 tea plantations and 11 rubber plantations with the bulk of its tea grown in the Western high grown Dimbulla District and the low grown Kalutara District.
Union’s Chairman, Mr. Chanaka de Silva, will continue as the Chairman of the company and the other directors will continue. Kotagala will appoint its nominees to the board to pursue synergies arising from its tea plantation business.
source - www.island.lk
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