Battle for Ceylinco Insurance shares persists

Tuesday, 11 September 2012 01:27 - - {{hitsCtrl.values.hits}}

The on and off battle for Ceylinco Insurance shares erupted on Friday when in-house funds picked up bulk of the quantities traded whilst largest outside shareholder having to be content with leftovers.

On Friday, 56,482 voting shares of the illiquid Ceylinco Insurance amounting to around 0.3% stake traded. Of the quantity, around 51,000 shares were bought by the Ceylinco Insurance’s Employee Gratuity Trust Fund and Pension Trust Fund at Rs. 750 each. Sellers were former business leader C.P. de Silva who has exited as he held only around 32,000 shares as at June 2012 and the Moraji Trust.

The biggest outside shareholder of Ceylinco Insurance – the Subasinghe family could only secure around 3,000 shares via Global Rubber Industries. Among prices paid was Rs. 800 for a 1,000 share block.

Ceylinco Insurance opened Friday at Rs. 774 and closed at Rs. 799.50 up by Rs. 24.90 from its previous close.

The Subasinghe family and connected parties hold around 33.3% of Ceylinco Insurance though yet to be invited to its Board.

In-house funds now own around 15% whilst Ceylinco Consolidated related companies own a further 33%.