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Ishara Traders exits Sathosa Motors as Access ups stake to near 80%

+2
sriranga
Gainer
6 posters

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Gainer

Gainer
Associate Director - Equity Analytics
Associate Director - Equity Analytics

Long standing shareholder Ishara Traders-fame Raja Nanayakkara yesterday exited Sathosa Motors Plc for Rs. 235 million allowing the Sumal Perera-controlled Access Engineering to increase its stake to near 80%.

The specific block was 1.007 million shares amounting to 17% stake and done at Rs. 235 each, the same price at which Access Engineering’s pending mandatory offer following the near 60% stake bought last week from Itochu Japan for Rs. 846 million.
Overall 1.008 million shares of Sathosa Motors traded between a high of Rs. 235.90 and a low of Rs. 235 before closing at Rs. 235.10, up by 10 cents.

The quantity sold by R.M. Nanayakkkara was lower in comparison to 1.168 million shares of 19.36% stake on record as at 31 December 2011 at SML.
Nevertheless following the exit of Nanayakkara, believed to be midst enjoying hefty capital gain, the only big block remaining is that of Pinsiri Fernando, another longstanding shareholder controlling 13% stake. Despite overtures made Pinsiri is apparently remaining passionate about the SML stake.
Prior to yesterday’s purchase, Access Engineering, the Rs. 150 million IPO of which will have its official opening toady, said it had purchased 507 shares on 2 March thereby increasing its collective stake to 3.6 million shares or near 60%.
http://www.ft.lk/2012/03/06/ishara-traders-exits-sathosa-motors-as-access-ups-stake-to-near-80/

Gainer

Gainer
Associate Director - Equity Analytics
Associate Director - Equity Analytics

When will Access Engineering near 95% controlling of the SMOT then it's possible to break all time high price.

sriranga

sriranga
Co-Admin

Gainer wrote:When will Access Engineering near 95% controlling of the SMOT then it's possible to break all time high price.

Are you sure they will go for 95% controlling?
If they go for that then the chances are more for de-listing,may be like AMW.
(Just for clarification.)

http://sharemarket-srilanka.blogspot.co.uk/

Gainer

Gainer
Associate Director - Equity Analytics
Associate Director - Equity Analytics

Never go for de-listing this new SEC rules , they will push up SMOT may be possible more than 800.00 then they will show the value of access Engineering.

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Gainer wrote:Never go for de-listing this new SEC rules , they will push up SMOT may be possible more than 800.00 then they will show the value of access Engineering.

How come 800 is possible?
EPS,NAV and other fundamental values won't play determining price.
May be you are right,because this is CSE.

wiki


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

my concern is whether money released from this sale will come to the market or not

gamaya


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

Access showing some fireworks before IPO. Is there any real synergy between Smot, and Access Engineering?

Now a days most constructiion vehicles are made in India. And I haven't seen any heavy machinery of Izuzu brand.

econ

econ
Global Moderator

these are just IPO gimmicks by access.

sriranga

sriranga
Co-Admin

@Gainer
In future please post news items in the news section.
Thanks.

http://sharemarket-srilanka.blogspot.co.uk/

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