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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Rishan and Lankem in double deal at Bourse

Rishan and Lankem in double deal at Bourse

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Deals between PC House Holdings owner S.H.M. Rishan, who is emerging as a very active high net worth investor in the market, and low profile Lankem Group dominated interest in an otherwise lacklustre Colombo Bourse.

PCH Holdings controlling shareholder Dynaris Holdings (formerly Sansiyo Corporation) owned by Rishan bought 1.66 million shares or a 3% stake in Lankem Development Plc from the latter’s controlling shareholder Lankem Ceylon Plc for Rs. 11.8 million.

In turn Lankem Ceylon bought four million shares or a 1.5% stake in PCHH from Dynaris for Rs. 50 million.

As at 31 March 2012, Lankem Ceylon held 3.2 million shares or a 5.45% stake in Lankem Developments Plc, whilst Lankem Plantations (56%) and related party Kotagala Plantations (10%) were the major shareholders.

The buying into Lankem Development by Dynaris though small appears strategic as PCHH has interests in engineering business via several associates.

In a separate deal, Rishan bought 8.6 million shares or an 8.5% stake of PC Pharma for Rs. 103.6 million from M.R.M. Nawas.
Ever since listing recently, Rishan had figured in several large deals on PCHH. On 28 June Dynaris sold 4.4 million shares at Rs. 15 and Rs. 20.50 each. On 6 July Rishan and his wife acquired 3.7 million shares of PCHH at Rs. 13.30 each.
These deals involving Rishan were worth Rs. 165.6 million, or 61.5% of the day’s total.
http://www.ft.lk/2012/07/12/rishan-and-lankem-in-double-deal-at-bourse/

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