According to brokers, the seller is believed to be ACW Insurance, which held 328, 780 shares in Union Assurance as at December 31, 2010. Unconfirmed reports suggested that the buyer of the shares was John Keells Holdings.
The transaction took place in two major trades—146, 200 shares at Rs.160 and 150, 000 shares at Rs.160. The selling price was Rs.9.90 down from the closing price of the previous day. The two trades contributed Rs.47 million to the day’s turnover.
According to Colombo Stock Exchange data, 331, 200 Union Assurance shares traded during the day.
In the mid part of this month, John Keells Holdings upped their stake in Union Assurance to 95.6 percent from 80.8 percent or 5.5 million shares by purchasing Aviva NDB stake, each share at Rs.150.