Director Kamantha buys 5% stake in Browns Investments for Rs. 3 b

Longstanding Director Kamantha Amarasekera yesterday bought a 5% stake in Browns Investments Plc (BIL) for Rs. 3 billion.

The transaction amounting to 750 million shares was done at Rs. 4 each. The share price of BIL increased by Rs. 0.10 (2.56%) to close at Rs. 4. The deal accounted for 51% of the turnover at the CSE yesterday whilst overall BIL saw 877 million of its shares traded for Rs. 3.5 billion for 60% of total turnover. 

CSE turnover yesterday at Rs. 5.84 billion was the highest since 9 January 2020. Colombo’s All Share Price Index gained 0.18% or 12.21 points to close at 6,634.92 while the S&P SL20 index of more liquid stocks gained 0.32% or 8.36 points to close at 2,588.57.

Highest BIL price in the September 2020 quarter was Rs. 3.20 before closing at Rs. 2.70.

The seller was a related local party of controlling shareholders. Major shareholders of BIL as at 30 September 2020 were Brown & Company PLC (46%), Don and Don Holdings (11%), Oxford Capital Ltd. (7.7%), Churchill Capital Ltd., (6.8%), Rauhul Capital Ltd. (6%) and  LOLC Investments Ltd. (3.5%).