Aberdeen Holdings sells 4.5 percent stake in Ex-Pack Corrugated Cartons for Rs. 240 million

By Hiran H,Senewiratne

Aberdeen Holdings, a privately-held diversified conglomerate in Colombo, has shed 4.5 per cent of its stake in Ex-Pack Corrugated Cartons PLC for Rs. 240 million, CSE sources said.

It is said that I15 million shares were done via two crossings at Rs. 16 each. Overall Ex-Pack saw 20.4 million shares changing hands via 816 trades for Rs. 331.5 million.

The share price closed at Rs. 17.30, up by 50 cents or 3 per cent. Ex-Pack’s net assets per share as at June 30 was Rs. 5.90, up from Rs. 5.20 as at end FY21. Highest value in 1Q of FY22 was Rs. 25.40 and the lowest was Rs. 7, while it closed the quarter at Rs. 9.20.

Amid those developments the CSE started on a positive note at the beginning of yesterday but shares fell in mid-morning trade.

Market analysts were expecting some movement of funds out of the equities market ahead of the Rs 75 billion bond auction due to better interest rates, market analysts said.

Plantation companies have witnessed some profit-takings which resulted in the overall downturn of the market. However, Lanka IOC stocks are still at their peak level and noted heavy buying interests anticipate major profits for the company due to the ongoing oil crisis in the country.

Both CSE indices moved downwards. The All- Share Price Index went down by 64 points and S and P SL20 declined by 4.1 points. Turnover stood at Rs 3.7 billion with a single crossing. The crossing was reported in Watawala Plantations, which crossed 3.7 million shares to the tune of Rs 340 million and its shares traded at Rs 92.

In the retail market top seven companies that mainly contributed to the turnover were, Lanka IOC Rs 507 million (1.9 million shares traded), Expolanka Holdings Rs 278 million (1.2 million shares traded), Watawala Plantations Rs 178 million (1.8 million shares traded), CIC Holdings (Non- Voting) Rs 168.6 million (2.3 million shares traded), ACL Cables Rs 149 million (1.8 million shares traded), Balangoda Plantations Rs 149 million (1.3 million shares traded) and CIC Holdings (Voting) Rs 118 million (1.3 million shares traded). During the day 152 million share volumes changed hands in 38000 transactions.

The Index opened on a positive note and remained high throughout the session and closed at 9,813, gaining 109 points backed by Lanka IOC, the top contributor to the ASPI. Turnover improved, led by a joint contribution of 44% from the Materials sector and Capital Goods sector.

It is said high net worth and institutional investor participation was noted in Ex-Pack Corrugated Cartons, JKH and Royal Ceramics. Mixed interest was observed in Lanka IOC, Expolanka Holdings and ACL Cables, while retail interest was noted in SMB Leasing, Browns Investments and Industrial Asphalts.

Yesterday, the Central Bank announced dollar buying rate was Rs 358.78 and the selling rate Rs 369.61.