ECONOMYNEXT – Trading in Singer (Sri Lanka) Plc, and Hayleys a diversified conglomerate was halted Wednesday after a price spike a day earlier over take-over speculation.
Trading in the stock of the two firms were haled "pending clarification," Colombo Stock Exchange said.
Singer Sri Lanka soared 8.10 rupees to 52.50 rupees yesterday (Singer Sri Lanka stock soars of takeover speculation).
There was market speculation that a local conglomerate which also has a consumer durables franchise was in the running to buy it.
Prices around 51 rupees per share has been mentioned as possible purchase price.
Singer Asia, which is the parent of Singer Sri Lanka is for sale. (Colombo/Sept12/2017)