Purchase of 60 per cent of Pan Asia Power shares peps stock market

By Hiran H.Senewiratne 

CSE activities were positive throughout yesterday due to a major transaction or crossing that occurred in Pan Asia Power Plc. This boosted CSE operations and served as an impetus to investors to invest in valued stocks, market analysts said. 

Pan Asia Power divested 60 percent of its stakes held by three major shareholders which were purchased by a top businessman of the country, analysts said. 

It is said that 385.5 million Pan Asia Power shares crossed to the tune of Rs. 1.60 billion. Main sellers were Jinadasa Brothers (sold 26 percent shares), Emerald Fund (20 percent) and Senthivel Holdings (14 percent). Each share was sold at Rs. 4.30.

Pan Asia Power is one of Sri Lanka’s leading suppliers of clean, renewable energy to the country’s national energy grid. Established with support from the Board of Investments in 2002, PAP has been in the forefront of a pioneering effort to transform the island’s energy generation mix onto a path of affordable, sustainable, and reliable energy for all Sri Lankans through the efficient operation of its three mini-hydro power plants. Our combined expertise has enabled PAP to surge ahead in the hydro-power sector and today we stand ever closer to our stated target of 30 MW of generation capacity by 2022, PAP sources were quoted saying. 

Amid those developments both CSE indices were positive. All Share Price Index went up by 48.4 points and S and P SL20 rose by 25.12 points. Turnover stood at Rs. 3.45 billion with four crossings, including the Pan Asia Power transaction. Other three crossings were reported in HNB, which crossed 2.26 million shares to the tune of Rs 297.8 million, its shares traded at Rs 131.75, TJ Lanka 800,000 shares crossed for Rs. 31.6 million, its shares traded at Rs. 39.40 and HNB (Non Voting) 227,000 shares crossed for Rs 24.9 million and its shares fetched Rs. 110.

In the retail market top five companies that mainly contributed to the turnover were Expolanka Rs. 270.5 million (5.4 million shares traded), LOLC Rs. 129.5 million (316,000 shares traded), Hayleys Fabrics . 97.3 million (4.8 million shares traded) and JKH Rs. 75.1 million (553,000 shares traded). During the day the market was positive and major contributors for the All Share Price Index were Commercial Leasing, six points, LOLC six points and Expolanka five points. 

Therefore, share prices appreciated overall. Commercial Leasing shares appreciated by 10 percent or 70 cent to Rs. 7.80, LOLC shares appreciated by 1.2 percent of Rs. 5 to Rs. 410 and Expolanka shares increased by 2.4 percent or Rs. 1.20 to Rs. 51. During the day 446.9 million share volumes changed hands in 17163 transactions.