Rayynor races to third largest shareholder at Hayleys within weeks

Thursday, 2 May 2024 03:27 - - {{hitsCtrl.values.hits}}

Rayynor Silva

Electronic media baron and high net worth investor Raynor Silva has within weeks raced to become the third largest shareholder at Sri Lanka’s most diversified blue chip Hayleys Plc.

The accession follows Raynor buying around 7 million shares of Hayleys between last Friday and Tuesday this week, thereby increasing his holding to around 13.5 million shares or 1.8% stake, which is slightly above the previous third largest shareholder McLarens Holdings Ltd., owning 13.2 million shares or 1.76%.

Dhammika Perera is the largest shareholder of Hayleys Plc with 51% stake followed by Trustees of the D.S. Jayasundera Trust owning 11.6%.

Raynor had entered Hayleys prior to the declaration of first interim dividend of Rs. 5.35 for FY24 which was on 1 April.

Hayleys share price on Tuesday closed at Rs. 91, up by one Rupee, and much higher than Rs. 83 the price paid by Raynor last week. Last Friday Hayleys saw 6.1 million of its share traded for Rs. 508.5 million inclusive oif a crossing of 3.8 million shares at Rs. 83. On Monday Hayleys saw a crossing of 500,000 shares at Rs. 86 each.

Raynor told the Daily FT that given its stature and potential Hayleys is currently undervalued hence he sees future upside. He described his investment into Hayleys as long term.

He is also the second largest shareholder at Sampath Bank, which is too majority owned (15%) by Dhammika Perera controlled Vallibel One Plc.