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Thursday, September 8, 2011

Harry buying into JKH

* Ceylon Theatres Group going into banking

Heavy buying into John Keels Holdings (JKH) by Harry Jayawardane controlled companies/related parties drove the Colombo bourse yesterday with turnover hitting Rs.5.8 billion, up from the previous day’s Rs.3.2 billion, with the two indices catching up some of the ground lost the previous day with the All Share Price index up 42.23 points (0.61%) and the Milanka up 36.38 points (0.58%) with 97 gainers and 97 losers on even keel.

Brokers said that Jayawardane companies/related parties were the buyers but there was no confirmation on specifics. The sellers were foreign shareholders of the conglomerate.

The JKH deals were done by crossings minutes before the market closed with over 17 million shares transacted at a price of Rs.215 through negotiated deals. JKH closed Rs.2.50 up at Rs.218 trading between Rs.216 and Rs.219.50 contributing the day’s top turnover of over Rs.3.7 billion.

"Other than the JKH deals, much of yesterday’s activity was retail driven,’’ Prashan Fernando of Acuity Stockbrokers said. "We saw a lot of activity in Browns Investments, HVA Foods, Citrus Leisure and Blue Diamonds (both voting and non-voting) among others."

Yesterday’s JKH buyer will now be the ninth to tenth largest shareholder according to the list of the 20 largest shareholders published recently in the first quarter financials of the conglomerate for the period ending June 30. 2011.

Other counters which showed large share volumes and made useful contributions to turnover included PC House, (3.6 million shares), Singer Finance (nearly 1.8 million shares) and Pan Asia Bank (nearly 2.5 million shares).

The Ceylon Theatres group is branching into banking with provisional Central Bank approval received for a new commercial bank, Cargills Agricultural and Commercial Bank, promoted jointly by Cargills and CT Holdings, a Stock Exchange filing said.

The provisional approval was received from the Central Bank’s Bank Supervision Department on Sept. 6, filings by both CT Holdings and Cargills said.

source - www.island.lk