Wednesday, 2 July 2014 00:54
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Buys 3% stake in Access Engineering PLC
Business leader and high net worth but low profile investor Sohli Captain has yesterday acquired a 3% stake in Sumal Perera’s Access Engineering Plc (AEL). The AEL yesterday saw 31 million of its shares (or slightly over 3% stake) traded for Rs. 778 million.
Of the quantity traded, 25 million shares were done via a crossing at Rs. 25 each and another one million at Rs. 26 each. Captain is believed to have acquired bulk of it.
AEL closed at Rs. 26.50 up by Rs. 1.50 and emerged to be among top 20 largest companies by market capitalisation yesterday.
AEL has been under speculation that an Asian party or some foreign funds were eying a large stake and originally market was wondering whether the trades reflected part of that interest.
However, analysts said the entry of the Captains, who are among the most respected investors with strategic stakes in several fundamentally-sound companies, was a big boost foe AEL.
AEL wrapped up financial year 2013/14 on a promising note by posting another double digit growth in revenue with Rs. 16.4 billion at group level and Rs. 13.1 billion at company level during the year ended March 2014.
Total comprehensive income attributed to the owners of the company amounted to Rs. 2,965 million and Rs. 2,634 million respectively at group level and company level which is 25% and 24% upturns compared to the year 2012/13.
The company has been able to record Rs.2.87 and Rs.2.54 worth of Earning Per Share respectively at group level and company level which is an impressive growth of 21% and 19% in comparison to the previous financial year.
