Nimal cuts Colombo Pharmacy stake for profit

High net worth investor Nimal Perera on Monday shed his stake in Colombo Pharmacy by about 6% from an original 10% booking hefty profits.

On Monday 84,600 shares or a 6.6% stake of Colombo Pharmacy traded for Rs. 300.2 million. Within the trades were nine crossings of 54,000 shares at Rs. 3,500 each. The share price on Monday decreased by Rs. 31.10 (0.88%) and closed at Rs. 3,427.  Yesterday 9,900 shares of Colombo Pharmacy traded, hitting a peak of Rs. 3,900 before closing at Rs. 3518.30, up by Rs. 28.40.

Colombo Pharmacy’s issued capital is 1.27 million shares, control (66.4%) of which is held by Environmental Resources Investments Plc.

In September last year Perera and ERI bought a 76% stake of Colombo Pharmacy at Rs. 653.80 from the De Mel family and J.L. Morison.

Soon after the deals by ERI and Perera, Colombo Pharmacy’s share price rose to an all time high of Rs. 1,365 then, before closing at Rs. 1,335, up by Rs. 651.