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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Odel deal closed on CSE driving turnover to recent high

Odel deal closed on CSE driving turnover to recent high

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Indices close in opposite directions, turnover Rs. 1.94 bn.

Parkson of Malaysia yesterday concluded the previously announced transaction of buying slightly over 42% of Odel at Rs. 1.41 billion with the Gunawardene family - Otara, Director/CEO of the company selling 40.4 million shares, Ruchi, Chairman, disposing 500,000 shares and Ajith, Director, selling 19.7 million shares helping the bourse to notch up a turnover of Rs. 1.94 billion, a recent high.

The Gunawardenes have sold down their holding but not exited the company and Otara will continue as Odel’s CEO, it has been announced.

Parkson made a stock exchange filing saying the deal had triggered a mandatory offer and they would shortly make an announcement in this regard. All minority shareholders are now entitled to receive an offer of Rs. 23.50 a share, the price at which Parkson acquired its stake.

The buyer said he had purchased 61.15 million Odels comprising 42.19% of the company. A total of 60.125 million shares were crossed yesterday at the Rs. 23.50 price in deals worth Rs. 1.41 billion.

A one for one rights issue has also been announced with the Gunawardenes announcing that they would take their rights and not accept the mandatory offer.

``Turnover was healthy on the big transaction but for the rest of it the market was quiet,’’ a broker said. ``Retail activity was muted.’’

The indices closed in opposite directions with the All Share Price Index up 9.35 points (0.19%), the Milanka down 19.69 points (0.45%) and S & P up 8.99 points (0.32%) with 101 gainers slightly ahead of 97 losers and 106 counters closing flat.

Asked whether retailers were selling Odel on floor transactions, brokers said that most traders who had got into the stock at Rs. 18-19 have already taken profit at around Rs. 24-25 per share.

A total of 26.8 million Odel were traded on the floor between Rs. 22.50 and Rs. 23.50 closing Rs. 0.10 down at Rs. 22.50 contributing Rs. 26.8 million to turnover.

United Motors closed Rs. 6.50 up with nearly 0.3 million shares done between Rs. 67.60 and Rs. 71.90 closing at Rs. 71.50 and contributing Rs. 18.5 million to turnover.

Asian Hotel Properties closed Rs. 4 down at Rs. 75.10 on 0.2 million shares done between Rs. 75 and Rs. 76.50 generating a turnover of Rs. 15.3 million while JKH closed Rs. 1.20 down at Rs. 183.90 with 72,458 shares done between Rs. 183.90 and Rs. 186.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=58130

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