Trading of 2% stake of illiquid Ceylinco Holdings stirs bourse

Tuesday, 17 December 2024 02:23 - - {{hitsCtrl.values.hits}}

Trading of 2% stake of the illiquid Ceylinco Holdings PLC stirred much interest yesterday at the Colombo stock market.

Ceylinco Holdings PLC saw 398,614 shares change hands via 65 trades at Rs. 3,000 each generating a turnover of Rs. 1.2 billion. Of that 1.65% stake or 328,712 shares were done via 14 crossings.

Ceylinco Holdings accounted for the highest share of yesterday’s Rs. 8 billion turnover. The share price closed at Rs. 3,045.75, up by 13% or Rs. 357.50 from the previous finish. Last Friday only 107 shares traded at Rs. 2,600 each.

The seller was Global Rubber Industries (GRI) or related parties. As at 30 September GRI was the largest shareholder of Ceylinco Holdings PLC with 4.45 million voting shares or 22.25% stake. Its owner Prabhash Subasinghe also held 913,000 shares or 4.56% stake and related party Global Sea Food Ltd., held 0.6 million shares or 3.16%.

It couldn’t be confirmed whether yesterday’s sale was from institutional or personal share holdings.

Net Asset per Share of the company was Rs. 699.49 up from Rs. 686.35 as at 31.12.2023. The highest trading price of voting share in the third quarter was Rs. 2,671.50 and the lowest was Rs. 2,220 before closing at 2,220.25.

The public float of voting shares is 83.91% held by 2004 shareholders but Ceylinco Holding doesn’t trade often.

In the whole of the third quarter only 95,306 shares of Ceylinco Investment Holdings changed hands via 105 trades for Rs. 236 million.

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