Hunas Falls share price soars with talks of controlling stake sale

Monday, 7 January 2019 03:01 - - {{hitsCtrl.values.hits}}

The share price of Hunas Falls Hotels PLC rose sharply last week with talks of the controlling stake held by Hayleys Group being up for sale.

Chairman of both entities, Mohan Pandithage said two major shareholders – Carbotels Ltd. and Amaya Leisure PLC – have informed that they have been approached by a prospective buyer to purchase the shareholding. This is subject to a due diligence.

Hayleys-linked companies Carbotels Ltd. holds 50.22% stake, and Amaya Leisure has 16% stake. The other major shareholder is Jetwing Group with 15%.

Speculation over the sale propelled Hunas Falls to be the highest gainer, up 64%, or Rs. 51.30, to Rs. 131.80. It hit an intra-week highest of Rs. 137.40 and a low of Rs. 76.10. Around 85,185 shares changed hands via 516 trades for Rs. 10 million.

On 2 January, it gained by 16%, or Rs. 12.80, to close at Rs. 91.80 with 10,541 shares traded. On Thursday, it gained by 20%, or Rs. 18.60, to close at Rs. 110.40 with 18,337 shares traded. On Friday, Hunas topped the gainers list with stock up 19%, or Rs. 21.40, to close at Rs. 131.80 with 55,242 shares changing hands via 354 trades.

Net Assets per share of Hunas Falls is Rs. 60.39 as at 30 September 2018, down from Rs. 63.67 a year earlier.

Last year (FY18) Hunas Falls reported a loss of Rs. 13 million as against a profit of Rs. 3.2 million in the previous year.