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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » AAIC shares hit record high amidst retail frenzy

AAIC shares hit record high amidst retail frenzy

4 posters

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windi5

windi5
Moderator
Moderator

Shares of Asian Alliance Insurance PLC (AAIC) yesterday hit a record high of Rs.221.60 with 132, 700 shares trading while concluding with no sellers on the board. However, the largest single trade for the day was just 5, 000 shares.

The AAIC share opened trading at Rs.194.1 and hit the intraday high of Rs.221.60, which is a record high for AAIC, and closed at the same price. The lowest price it traded during the day was Rs.194. Since Softlogic Holdings (SHL) and/or Soflogic Capital (SCAP) was believed to have sold 1.5 million shares or 4 per cent of AAIC to investor Dilith Jayaweera at Rs.121 per share, nearly 900, 000 AAIC shares have traded in the Colombo bourse to date. On September 21, 214, 500 AAIC shares traded between Rs.180-Rs.202 while on September 22, 183, 600 shares traded between Rs.190-Rs.202. On September 23, 363, 500 shares traded between Rs.174-Rs.209.

On September 20 alone, 1.8 million AAIC shares traded with two crossings of 750, 000 shares, each at Rs.121, which were believed to have bought by Jayaweera.

According to brokers, the seller of shares should be SHL and/or SCAP as with the closing of the AAIC mandatory offer, following Richard Pieris group divesting its 25 per cent stake, SHL and SCAP together held 98.59 per cent of AAIC.

However, despite both SHL and SCAP being public companies, no disclosure has been filed to the Colombo Stock Exchange relating to a sale of shares so far.
http://print.dailymirror.lk/business/127-local/57349-aaic-shares-hit-record-high-amidst-retail-frenzy.html

tpr1983


Senior Equity Analytic
Senior Equity Analytic

of course, according to the my analysis SCAP/SHL hold 98.70% and remaining only 500000 shares. of course this will go high if SHL/SCAP not dump the shares

Ajith Rajapakse


Equity Analytic
Equity Analytic

Is some one collecting? no bids & price level remaining @ 234/60

tpr1983


Senior Equity Analytic
Senior Equity Analytic

no idea, but i too feel that someone is collecting.

May be SHL/SCAP wants to 100% of AAIC

Tiger

Tiger
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

windi5 wrote: However, despite both SHL and SCAP being public companies, no disclosure has been filed to the Colombo Stock Exchange relating to a sale of shares so far.
http://print.dailymirror.lk/business/127-local/57349-aaic-shares-hit-record-high-amidst-retail-frenzy.html

Precedence at CSE is that no need to disclose now, just dispose with high profit now and later disclose and pay 10million as penalties for non disclosure, out of massive profit gained. Not bad ha.........

tpr1983


Senior Equity Analytic
Senior Equity Analytic

hope SHL/SCAP be gentlemen

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