June 10, 2011 (LBO) - Emagewize, a Sri Lankan firm controlled by businessman Dilith Jayaweera, bought a 20 percent stake in People's Merchant PLC Friday, stock market sources said.
They said 7.38 million shares of People's Merchant traded at 21 rupees each at the start of trading with the seller believed to be Lanka Orix Leasing Company.
The transactions included a single trade of 6.74 million shares.
The stock was trading at 30.70 rupees in mid-morning trade up 7.70 rupees or 33 percent, having closed at 23 rupees Thursday.
In the recent past there has been heavy speculative trading in stocks bought by Emagewize.
source - www.lbo.lk
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