LOLC Group sells 90.25 million shares in Agstar, booking profits

By Hiran H.Senewiratne

The LOLC Group has sold down in Agstar, booking profits, while retaining control. LOLC Holdings said it had disposed of 90.25 million shares or 19.56 per cent between December 16, 2022 and January 25, 2023, at prices ranging from Rs. 15 to Rs. 17.50 per share, CSE sources said.

LOLC Group collectively still has 269.4 million voting shares (representing 58.4 percent), Iconic Trust Ltd., 43.69 per cent and Browns Investments(14 per cent), while retaining 17.47 million non-voting shares (representing 66.66 per cent) remaining in Agstar.

Exactly a year ago, LOLC Group entered Agstar, acquiring a 43.75 per cent voting stake at Rs. 8 per voting share and 66.66 per cent non-voting shares at Rs. 4 per voting share in a deal worth Rs. 1.12 billion.

Yesterday, the stock market started on a positive note but in the middle of the session became volatile and during the latter part of the day buying interests were noted in certain selected stocks and the market turned positive. Consequently, both indices moved upwards. The All- Share Price Index went up by 32.23 points and S and P SL20 rose by 24.9 points. Turnover stood at Rs 1.9 billion with two crossings. Those crossings were reported in Melstacorp, which crossed 594,000 shares to the tune of Rs 29.7 million, its shares traded at Rs 50 and Hemas Holdings 333,000 shares crossed to the tune of Rs 20 million, its shares traded at Rs 60.

In the retail market top seven companies that mainly contributed to the turnover were, Lanka IOC Rs 421 million (two million shares traded), Expolanka Holdings Rs 279 million (1.4 million shares traded), Softlogic Capital Rs 194 million (12.3 million shares traded), Softlogic Life Insurance Rs 152 million (1.3 million shares traded), HNB Rs 90 million (one million shares traded), JKH Rs 69.2 million shares traded and Sampath Bank Rs 68.4 million (1.6 million shares traded). During the day 58 million share volumes changed hands in 16000 transactions.

Yesterday the stock market was positive and turnover too improved, compared to the previous day by 57 per cent. Top contributors to the turnover were, energy sector counters, which contributed Rs 422 million or 22 per cent, while the insurance sector contributed 19 per cent or Rs 360. The Treasury Bill rates and interest rates coming down will positively impact the stock market.