Panasian Power lights up again

Over 40% stake of Panasian Power traded yesterday with the Malaysian party shedding some holding.

Around 211.8 million shares of the company traded as it peaked to a high of Rs. 8.30 before closing 20 cents down to Rs. 7.50.

Power Hub International Sdn Bhd had sold 68.3 million shares or a 13.6% stake between Rs. 8 and Rs. 8.30 per share. As at 31 March 2011 it held a 42% stake.

It couldn’t be confirmed whether the Malaysian promoter had gone below 30% stake after yesterday’s shedding or whether it had a higher stake as opposed to the FY2011 closing. If the latter is correct, the Malaysian party could be still holding around 30%, if not it must now be 28.4%.

Given the high volume traded overall, analysts said that Panasian Power came under heavy recycling of trades.

On the buying side was Dilith Jayaweera whose company Emagewise picked up a considerable stake early in the week with regular market players such as Nimal Perera and Arjun Aloysius of Perpetual Capital fame figuring in the play on Panasian Power. There had been several other new investors joining the play yesterday.

On Monday 368 million shares or a 74% stake of the company traded for Rs. 2.5 billion. On Wednesday only 98 million shares traded whilst on Tuesday 85 million shares changed hands.