Traders at the Colombo Stock Exchange were rattled yesterday with speculation that business tycoon Dhammika Perera- led Hayleys Group might acquire Sri Lanka's consumer retail giant, Singer Sri Lanka spreading across the floor.
According to these speculations, "Singer Sri Lanka's major shareholder Retail Holdings (Sri Lanka) BV are expected to sell their controlling 71.19% or 267m shareholding for over Rs 10 billion and the negotiations are close to
complete ."
Speculation is also rife that the Hayleys Group plans to acquire Singer through Syndicated loans and were currently negotiating with several finance institutions.
The Market was also rife with speculation yesterday and investors exchanged over Rs 28.5 million worth of Singer Sri Lanka shares at a price range of Rs 45-53.50 and Singer shares closed at Rs 52.50 up Rs 8.10.
When contacted by Ceylon FT for comments, Singer Sri Lanka and Hayleys officials said it was unethical for them to comment on anything that was price sensitive. According to NDBS stock brokers, Colombo stock market ASPI edged up due to price gains in counters such as Singer Sri Lanka, Ceylon Cold Stores and Ceylon Tobacco Company while S&P SL20 closed in the red.
The turnover crossed Rs 2.0 billion for the day, marking a 12 week-high. The purchase of 80.3% in stake in Colombo Trust Finance by Dialog Axiata from Cargills Bank was the largest transaction for the day, which accounted for 52.7% of the turnover.
Mixed interest was observed in Teejay Lanka, while retail interest was noted in Singer Sri Lanka and Maskeliya Plantations. Meanwhile, foreigners remained active closing as net sellers mainly due to foreign selling in Commercial Bank.
http://www.ceylontoday.lk/print20170401CT20170630.php?id=29763
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