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[Trading Monday
28 Jul, 2008 18:19:22 Sri Lanka stocks perk up as control of AMW changes hands July 28, 2008 (LBO) - Sri Lankan stocks closed higher Monday on gains in heavyweight stocks with the take over of Associated Motorways (AMW) by a Dubai construction firm driving turnover to 7.7 billion rupees. The All Share Price Index gained 1.41 percent (33.49 points) to close at 2,403.59 while the more liquid Milanka went up 1.66 percent (46.80 points) to 2,859.97. AMW gained 2.65 percent to close at 174.50 with almost 41.7 million shares traded as the Dubai-based Al-Futtaim Engineering acquired control of the motor firm. Al Futtaim Engineering said it bought 39.6 million shares or a 71.15 percent stake of AMW at 174.50 rupees per share for 6.91 billion rupees and that it would make an offer for the remaining shares. It bought almost 28.5 million shares or a 51.15 percent stake of AMW owned by Associated Electrical Corporation (AEC) and a 20 percent (11.1 million shares) stake owned by John Keells Holdings (JKH). Associated Electrical Corporation fell 2.88 percent to 1,599.50 rupees with 26,300 shares traded. Both AMW and AEC had seen active trading last week on speculation of a pending deal. JKH said in a stock exchange filing that it made a capital gain of about 1.03 billion rupees on the sale while AEC is sitting on a cash pile of 4.9 billion rupees. `This makes AEC an extremely cash-rich company,` said Nikita Tissera of SC Securities.] |
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