Panasian Power PLC yesterday once again made the highest contribution to the market with Rs.1.69 billion, beating two other Penny Stocks, Blue Diamonds (BLUE) and E-Channelling PLC (ECL). The PAP share price opened at Rs.7.80 and reached as high as Rs.8.30, finally closing at Rs.7.40. A total of 211.8 million shares traded with several large trades and crossings.
The Company has 500 million shares in issue and a controlling stake of PAP was recently purchased by Dilith Jayaweera of Emagewize.
After the trading hours yesterday, it was announced that Power Hub International Sdn Bhd, the controlling shareholder of PAP disposed 68.3 million shares at the range of Rs.8 and 8.30.
As at March 31, 2011, Power Hub had 210 million shares of PAP, which accounted for 42 percent of the total issued shares of the company, which is 500 million.
As at December 31, Power Hub International held 300 million shares. However no disclosure was done about the selling of 90 million shares during the December-March period, though being a related party.
Meanwhile, no disclosure from Emagewise, owned by Dilith Jayaweera has been submitted to the CSE as per the 10 percent rule. It was reported that Dilith acquired 20 percent of PAP few days back.
Another director of Panasian Power Deepal Sooriyaarachchi sold 500,000 shares at eight rupees each.
source - www.dailymirror.lk
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