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By Ravi Ladduwahetty
A large number of foreign fund managers based in the U.S., U.K., Singapore and Japan have visited Sri Lanka recently with the intention of buying into premier blue chip conglomerate John Keells Holdings PLC, well informed business circles said yesterday.
Some of the principal reasons for the interest is that they are looking for a foothold in the South Asian region and getting a foot through the door of a top blue chips was an option given Sri Lanka’s growth potential as well as that of the stock market, top market sources said.
What they are looking forward to, according to sources, was to acquire up to around 40% of JKH given the other top blue chips like Aitken Spence and Hayleys have dominant shareholders unlikely to sell, they said.
JKH has been a share that foreign fund managers have been interested in recent weeks with available quantities being mopped up at the going price, brokers confirmed.
It is most unlikely that the Harry Jayawardena- controlled Distilleries which owns 29% of the leisure rich diversified conglomerate, Aitken Spence, and Dhammika Perera- controlled Hayleys would be available. But JKH has a substantial foreign shareholding which may be available at the right price, the sources said
One of the main factors which has stood in the way of investors was that they believe that the share was overpriced. But analysts noted there was little interest in JKH when its share was priced at Rs. 66 at the time the war ended in the aftermath of the landmark Supreme Court judgment on the privatization of Lanka Marine Services to JKH.
JKH was on the losing side of that Sarath. N. deleted judgment.
Mr. Sohli Captain is the biggest individual shareholder of JKH with 16% as at Sept. 30, 2011. He and connected parties own around 25% of the company with three of the company’s executive directors also having significant holdings – Messrs. Susantha Ratnayake (4.58 million shares), Ajit Gunawardene (5.7 million) and J.R.F. Pieris (nearly 1 million) though none of them are among the top 20 shareholders.
The Janus Overseas Fund, a relatively new shareholder of JKH, is the second largest with 10.3% according to the latest interim report. Ten of JKH’s top 20 shareholders are foreign.
Meanwhile, market sources also said that JKH has been looking at Singer Asia which is up for sale. At least one other local company in electronics has also been interested with other possible bidders overseas given that the chain, with a price tag of USD 200 million, is looking to sell out in Asia.
The Asian operation involves Singer Sri Lanka, the jewel in the crown, India, Pakistan, Bangladesh, Thailand and Malaysia.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=39894
A large number of foreign fund managers based in the U.S., U.K., Singapore and Japan have visited Sri Lanka recently with the intention of buying into premier blue chip conglomerate John Keells Holdings PLC, well informed business circles said yesterday.
Some of the principal reasons for the interest is that they are looking for a foothold in the South Asian region and getting a foot through the door of a top blue chips was an option given Sri Lanka’s growth potential as well as that of the stock market, top market sources said.
What they are looking forward to, according to sources, was to acquire up to around 40% of JKH given the other top blue chips like Aitken Spence and Hayleys have dominant shareholders unlikely to sell, they said.
JKH has been a share that foreign fund managers have been interested in recent weeks with available quantities being mopped up at the going price, brokers confirmed.
It is most unlikely that the Harry Jayawardena- controlled Distilleries which owns 29% of the leisure rich diversified conglomerate, Aitken Spence, and Dhammika Perera- controlled Hayleys would be available. But JKH has a substantial foreign shareholding which may be available at the right price, the sources said
One of the main factors which has stood in the way of investors was that they believe that the share was overpriced. But analysts noted there was little interest in JKH when its share was priced at Rs. 66 at the time the war ended in the aftermath of the landmark Supreme Court judgment on the privatization of Lanka Marine Services to JKH.
JKH was on the losing side of that Sarath. N. deleted judgment.
Mr. Sohli Captain is the biggest individual shareholder of JKH with 16% as at Sept. 30, 2011. He and connected parties own around 25% of the company with three of the company’s executive directors also having significant holdings – Messrs. Susantha Ratnayake (4.58 million shares), Ajit Gunawardene (5.7 million) and J.R.F. Pieris (nearly 1 million) though none of them are among the top 20 shareholders.
The Janus Overseas Fund, a relatively new shareholder of JKH, is the second largest with 10.3% according to the latest interim report. Ten of JKH’s top 20 shareholders are foreign.
Meanwhile, market sources also said that JKH has been looking at Singer Asia which is up for sale. At least one other local company in electronics has also been interested with other possible bidders overseas given that the chain, with a price tag of USD 200 million, is looking to sell out in Asia.
The Asian operation involves Singer Sri Lanka, the jewel in the crown, India, Pakistan, Bangladesh, Thailand and Malaysia.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=39894
