Windforce to acquire 92.5 per cent stake in Fairway Waste Management

By Hiran H. Senwiratne

Recently CSE-listed company, Windforce Ltd., has  signed  a share sales  and purchase agreement with Fairway Holdings PVT Limited to acquire a 92.5 percent stake  of Fairway  Waste  Management PVT Limited. This  waste management company was established to operate a 10 mega watt power  plant  at Karadiyana. This  company  will use 500 metric  tonnes of waste  per day to generate 10MW power for  the  national  grid, stock market analysts said.

Further, Associated  Motor  Finance  Company announced  a rights  issue. It is said that  3.5  million shares will be issued through   this  rights issue, in the  proportion of  10:17 at a price  of Rs. 143 per share to raise Rs. 3 billion. The  purpose  of this  rights issue is to meet capital  adequacy requirements, stock  brokers  said.

Further, Sanasa Development Bank  has a secondary public offering at a fair  price  of Rs. 51.50, analysts said.

Amid those developments, the CSE  witnessed panic  selling yesterday due to escalating Covid 19 patients during the  last few days, despite the Port City Bill being passed by parliament on the  previous  day, stock analysts said.

Both  indices moved downwards. The All Share Price Index went down by 60.6 points and S and P SL 20 dropped  by 22.4 points.

Turnover stood at Rs. 2.29 billion with a crossing. The crossing  took  place in Dialog Company,  which crossed 4 million shares to the tune  of Rs. 50.8 million, its shares traded at Rs. 12.70.

In the retail market, top 5  companies that mainly contributed to the turnover were, Browns Investments Rs. 612.4 million (95.4 million shares traded ), Dipped Products Rs. 173.4 million (3.3 million shares traded ), Royal Ceramic Rs. 124.3 million (3.4 million shares traded ),Sampath Bank Rs. 119.5 million (2.3  million shares traded ) and Chevron Lubricants Rs. 111 million,(1.06 million shares traded ). During the day 234.7 million share volumes changed hands in 22171 transactions.