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Sri Lanka stocks end 0.18-pct lower

ECONOMYNEXT – Sri Lanka stocks fell 0.18 percent on Tuesday with US-based Blackstone Capital taking over Sri Lanka’s publicly traded Piramal Glass (Pvt) Ltd, paying 6.2 billion rupees to buy a controlling stake.

Asia Securities Advisors (Pvt) Ltd were financial advisors to the deal which was executed by Asia Securities.

A mandatory offer is expected to follow with the Blackstone getting a 56 percent stake in the firm, through PGP Glass.

PGP Glass, a Blackstone unit, purchased India’s Piramal Glass and several affiliated companies including the Sri Lanka firm.

The new owners have the know-how to take develop the glass firmly and boost exports, analysts say.

Piramal is the market leader for glass packaging in Sri Lanka and already has an export foothold in several countries. Blackstone group is estimated to have over 600 billion US dollars in assets under management. It was founded in the mid-1980s by two ex-Lehman executives.

The Colombo benchmark All Share Price Index fell 12.57 points to close at 7,1115.12.

The S&P SL20 index of more liquid stocks fell 0.09 percent or 2.47 points to close at 2,881.67.

Turnover was 7.4 billion rupees with 68 stocks gaining and 86 falling.

LOLC Holdings fell 1.25 rupees to close at 292.50 rupees.

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LOLC Finance closed 10 cents down at 5.80 rupees, Browns Investment closed 10 cents down at 5.50 rupees contributing most for the ASPI fall and Browns and Company fell 3.75 rupees to close at 153.50 rupees.

Expolanka Holdings fell 50 cents to close at 44.80 rupees and Melstacorp Holdings closed 30 cents down at 43.50 rupees a share.

Vallibel One gained 10 cents to close at 47.90 rupees and John Keells Holdings closed 50 cents up at 150.00 rupees.

A 31 million rupee negotiated trading was seen in Hayleys Plc at 62.00 rupees a share and the stock closed 60 cents down at 58.30 rupees with key subsidiaries Dipped Products falling 60 cents to close at 46.30 rupees and Haycarb Plc falling 80 cents to close at 94.30 rupees.

The Kingsbury closed 10 cents up at 5.90 rupees while Singer Sri Lanka closed 10 cents down at 17.20 rupees.

Commercial Bank of Ceylon closed 60 cents down at 90.20 rupees while Hatton National Bank closed 1.25 rupees up at 130.50 rupees.

DFCC Bank closed flat at 59.10 rupees, and Nations Trust Bank closed 10 cents up at 54.00 rupees.

Seylan Bank closed flat at 50.00 rupees and Pan Asia Banking Corporation closed 20 cents down at 14.20 rupees.

Housing Development Finance closed flat at 36.60 rupees while Central Finance Company closed 10 cents up at 82.00 rupees.

Royal Ceramic Lanka closed 2.50 rupees up at 257.50 rupees.

Cargills Ceylon closed 2.00 rupees up at 235.00 rupees, Hemas Holdings closed 60 cents up at 82.60 rupees, Ceylon Grain Elevators closed flat at 116.50 rupees while Distilleries Company gained 10 cents to close at 19.90 rupees.

In the hotel sector Eden Hotel Lanka closed 30 cents up at 10.30 rupees, and Aitken Spence Hotel Holdings closed flat at 31.00 rupees while John Keels Hotels closed 40 cents up at 9.80.

Access Engineering closed 10 cents down at 21.90 rupees.

Nestle Lanka closed 7.00 rupees up at 1,149.00 rupees and Aitken Spence Plc closed 1.80 rupees down at 56.20 rupees.

Sri Lanka Telecom closed 60 cents up at 33.00 rupees, Dialog Axiata closed 10 cents up at 13.00 rupees and Richard Pieris and Company closed 10 cents up at 16.80 rupees.

Ceylon Tobacco Company closed 3.25 rupees down at 996.25 rupees while Ceylon Cold stores closed flat at 615.00 rupees and Piramal Glass Ceylon closed 60 cents up at 11.00 rupees.

The Materials Industry was the most active, fell 1.4 percent today. (Colombo/March 30/2021)

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