Colombo stock investors were hunting for Malaysia’s Power Hub International Sbn Bhd owned mini hydropower operator Panasian Power (PAP) shares yesterday, in the backdrop of Imagewise’s Dilith Jayaweera purchasing controlling stake of the company via several crossings.
Nearly 367.67 million of Panasian Power (PAP) shares changed hands via 9,966 trades whilst the share price shot up by Rs.3.70 (up 80.43%) reaching as high as Rs.8.50 and finally closing at Rs.8.30.
Initially, 76.64 million shares crossed at Rs.6 per share at 10:31 am whilst another 4.1 million and 14.9 million shares crossed around 11.40 a.m. at Rs.7.40 and Rs.7.60 respectively. Thereafter another 11.8 million shares and 3.08 million shares crossed at Rs.8 per share and the last crossing was done at Rs.8.10 per share with a block of 4.08 million shares.
Panasian Power contributed a total of Rs.2.5 billion for the Rs.4.9 billion market turnover yesterday.
The company has a total of 500 million shares in issue and owns and operates a mini-hydropower plant in the Ratnapura district, utilizing Kalu Ganga. The company had also acquired Manelwala Hydropower, located at Walapane in the Nuwara Eliya district, expanding its total power generation capacity to 4.4MW.
source - www.dailymirror.lk
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