Colombo stock exchange’s bullish investor Emagewise’s Dilith Jayaweera made another surprising deal yesterday, buying a 20% stake of Peoples Merchant Bank (PMB) from Ishara Nanayakkara led Lanka Orix Leasing Company.
The deal was concluded at Rs.21 per share whilst Colombo stock investors aggressively bought PMB shares thereafter. As a result, the stock rose as high as Rs.42 and finally closed at Rs.30.10 and caught up with regulators 10% price band. Nearly 22.98 million shares changed hands via 5,858 trades and a further 2 million shares crossed at Rs.32 contributing yesterday’s turnover of Rs.658.4 million.
Dilith Jayaweera controlled Emagewise during the last two weeks had bought controlling stakes in Colombo Land (CLND) and in a listed hydro power operator Panasian Power PLC (PAP).
As at 31 March 2011, Lanka Orix Leasing Company PLC had 7.38 million (19.68%) of PMB as the second largest shareholder after People’s Bank which has 9.79 million (26.13%) ordinary voting shares. In addition, People’s Leasing Company Ltd has 4.89 million (13.07%) and Environmental Resources Investment PLC (GREG) 2.44 million or 6.5% ordinary voting shares of PMB.
source - www.dailymirror.lk
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