Delisting plans at Aitken Spence Plantation Managements; investor sentiment up

By Hiran H.Senewiratne

Aitken Spence Plantation Managements PLC will de-list its shares from the official list of the CSE, subject to obtaining shareholder and regulatory approvals, company sources said.The exit offer price is Rs 240 per share, the company reportedly said.

“The Board of Directors of the company has made arrangements for this purpose with Aitken Spence PLC, MJ F Holdings (Private) Limited, and D. A. de S. Wickramanayake, three largest shareholders of the company (the “Major Shareholders”) and the Major Shareholders have indicated their willingness to acquire the shares of the minority shareholders of the company who may wish to divest/sell their shares, company sources said.

Amid those developments the CSE investor sentiment indicated a significant improvement. Of importance in this context is the fact that Zambia, Ghana and Sri Lanka are going through financial and balance of payment crises with similarities. However, Zambia and Ghana bondholders have agreed to conclude their debt restructuring exercise soon. This has created some rays of hopes in the Sri Lanka context, market analysts said.

Meanwhile, the All Share Price Index went up by 67.77 points, while S and P SL 20 rose by 47.86 points. Turnover stood at Rs 1.3 billion with four crossings. Those crossings were reported in Sampath Bank, which crossed 3 million shares to the tune of Rs 231 million; its shares traded at Rs 77, Melstacope 1.3 million shares crossed for Rs 1.3 million; its shares traded at Rs 87, JKH 414,000 shares crossed for Rs 85.5 million and its shares sold at Rs 206.50 and HNB 145,000 shares crossed to the tune of Rs 20 million; its shares traded at Rs 193.

In the retail market top seven companies that mainly contributed to the turnover were; Commercial Bank Rs 58.6 million (555,000 shares traded), HNB Rs 40.6 million (209,000 shares traded), CCS Rs 34.1 million (553,000 shares traded), Sampath Bank Rs 33.7 million (432,000 shares traded), CIC (Non- Voting) Rs 32.6 million (216,000 shares traded), NTB Rs 31.6 million (261,000 shares traded) and Dipped Products Rs 28.2 million (847,000 shares traded). During the day 44.8 million share volumes changed hands in 10700 transactions.

Yesterday banking sector counters were active, while manufacturing sector counters also considerably contributed to the turnover.

Yesterday, rupee opened lower at Rs 301.60/75 to the US dollar, from Rs 301.60/302.00 the previous day, dealers said. Bond yields were steady.

A bond maturing on 15.12.2026 was quoted at 9.70/80 percent from 9.70/85 percent. A bond maturing on 15.09.2027 was quoted up at 10.25/35 percent from 10.30/40 percent. A bond maturing on 01.07.2028 was quoted up at 10.75/80 percent from 10.70/80 percent.