Lamurep ups stake in Sunshine Holdings

Friday, 30 December 2016 00:32 - - {{hitsCtrl.values.hits}}

Lamurep Investments Ltd., has increased its stake in Sunshine Holdings Plc to 32% after it bought a 11.9% stake on Wednesday for Rs. 760.7 million.

The seller of the block amounting to 16 million shares and done at Rs. 47.50 each was Tansinghe Ltd. The transaction was via a crossing at 90 cents above Sunshine’s previous closing.

Lamurep previously held a 20.3% stake in Sunshine Holdings. The two firms have common directors in G. Sathasivam (also major shareholder of Lamurep) and S. G. Sathasivam as per a disclosure of dealings by the directors to the CSE yesterday.

In the Sunshine Holdings accounts, the two directors were disclosed as holding 1,000 shares each, though their influence or control through Lamurep Investments hadn’t been disclosed.

The illiquid Sunshine share price yesterday closed unchanged at Rs. 46.60, though it hit an intra-day high of Rs. 49 on a day with nine shares traded. The net asset value per share of Sunshine Holdings is Rs. 45. The 2-week highest share price of Sunshine is 58.80 and the lowest is Rs. 46. The public holding of Sunshine is 7% held by 1,423 shareholders.