Adam Investments buys 21% of PCH Holdings for Rs. 42 m
Monday, 2 September 2013 00:03
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Adam Investments Ltd. on Friday bought a 20.8% stake in PCH Holdings Plc for Rs. 42 million.
The stake, amounting to 52.323 million shares, was acquired at 80 cents per share. Following the acquisition, PCHH closed at Rs. 1.10, up by 40 cents or 57%.
On Friday 58.84 million shares of the company changed hands via 159 trades.
Among major sellers were Dynaris Holdings, shedding 26 million shares, whilst Chairman S.H.M. Rishan also sold over one million shares. As at June Dynaris held a 55% stake in PCHH whilst Rishan held a 17% stake.
Analysts viewed the investment by Adam Investments in PCHH as strategic.
In quarter ended June 2013, net loss at PCHH rose by 67% to Rs. 86 million whilst revenue was flat at Rs. 922 million.
In June, Adam Investments – controlled by Dr. Ali Asger Shabbir Gulamhusein and Danushya Mediwake Wethasinghe Gulamhusein – purchased an 8.9% stake of Ceylon & Foreign Trades Plc via a crossing for Rs. 100 million.
Adam Investments Group has Adam Apparels Ltd., Adam Metals Ltd., Network Communications Ltd., Adam Automobiles Ltd. and Adam Air Conditioners Ltd.
It was announced that British American Technologies Ltd. purchased 24.4 m ordinary voting shares (an approximately 24% stake) of PC Pharma (PCP) on 2 August 2013.
