Sri Lanka stocks top 6-wk high; foreign buying boosts turnover

(Reuters) - Sri Lankan stocks edged up to more than six-week highs on Thursday, led by telecom shares while foreign trading boosted the day's turnover.

The main stock index ended firmer 0.23 percent, or 13.69 points, at 6,018.47 - its highest since Feb. 18.

Foreign buying accounted for 83.6 percent of the day's 2.57 billion rupees ($19.66 million) turnover, well above this year's daily average of 942.6 million rupees.

The bourse saw a net foreign inflow of 297.7 million rupees worth of shares. Foreign investors have been net sellers of 5.52 billion rupees so far this year.

Commercial Bank of Ceylon PLC, the top listed lender, closed 1.67 percent firmer, while shares in Sri Lanka Telecom Plc rose 3.46 percent.

The top conglomerate John Keells Holdings, which fell 0.56 percent, saw a net foreign selling of 1.32 million shares. Commercial Bank of Ceylon saw a net foreign buying of around 57,000 shares.

Analysts, however, said investor sentiment is yet to recover after the United Nationsannounced it would probe alleged war crimes by the island nation.

The UN last week launched an inquiry into war crimes allegedly committed by both Sri Lankan state forces and Tamil rebels during a conflict that ended in 2009, saying the government had failed to investigate properly.

Analysts said the outcome of the resolution was expected, but investors' sentiment has been dented over concerns it could hurt the country's economy. Several potential buyers of risky assets are awaiting a clear direction. 

($1 = 130.7150 Sri Lanka Rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Joyjeet Das)

Sri Lanka shares end up 0.2-pct

Apr 03, 2014 (LBO) - Sri Lanka's shares end up 0.23 percent higher Thursday with banking and telco stocks gaining amid strong foreign activity, brokers said.

The Colombo benchmark All Share Price Index closed 13.69 points higher at 6,018.47 up 0.23 percent. The S&P SL20 closed 13.56 points higher at 3,295.50, up 0.41 percent.

Turnover was 2.57 billion rupees, up from 1.95 billion rupees a day earlier with 93 stocks close positive against 76 negative.

John Keells Holdings closed 1.30 rupees lower at 232.70 rupees with five off market transactions of 1.76 billion rupees contributing to 68 percent of the daily turnover.

JKH’s W0022 warrants closed 1.00 rupee lower at 68.00 rupees and its W0023 warrants closed 1.80 rupees lower at 71.00 rupees.

All off market transactions accounted for 70 percent of the daily turnover.

Foreign investors bought 2.15 billion rupees worth shares while selling 1.85 billion rupees worth shares.

Softlogic Holdings closed flat at 12.00 rupees and Piramal Glass Ceylon closed 10 cents lower at 3.40 rupees, attracting most number of trades during the day.

Sri Lanka Telecom closed 1.60 rupees higher at 47.80 rupees, contributing most to the index gain.

Commercial Bank closed 2.00 rupees higher at 122.10 rupees and LOLC closed 3.00 rupees higher at 78.00 rupees.

ODEL closed 4.20 rupees higher at 24.80 rupees and Bukit Darah closed 8.00 rupees higher at 570.00 rupees.

Ceylon Tobacco Company closed 18.00 rupees lower at 1,049.10 rupees and Distilleries closed 1.50 rupees lower at 202.50 rupees.

Ceylinco Insurance closed 23.60 rupees lower at 1,386.40 rupees and Asiri Hospital Holdings closed 30 cents lower at 22.70 rupees.

Nestle Lanka closed 20 cents higher at 1,995.20 rupees.

Sri Lankan capital market road show in London on 30 May

As part of its initiative to woo more foreign investors, the Sri Lanka’s capital market will have its next road show in London, UK on 30 May.

The UK event organised by the Colombo Stock Exchange and the Securities and Exchange Commission will be in association with the London Stock Exchange Group (LSE) and Bloomberg.

Similar exercises were successfully held last year in Mumbai, Dubai, Hong Kong and Singapore.

Several listed firms have come forward to be showcased during the road show. They are John Keells Holdings PLC, Commercial Bank of Ceylon PLC, Ceylinco Insurance PLC, Hayleys PLC, Access Engineering PLC, Softlogic Holdings PLC and Tokyo Cement Company (Lanka) PLC.

Central Bank Governor Nivard Cabraal will deliver the keynote at the ceremonial inauguration and he will join in a panel discussion along with

The companies will be engaged in one to one discussion with prospective investors, fund managers and investment banks.
www.ft.lk

84% of shareholders approve Beruwala Walk Inn delisting

A majority 84% of the shareholders of Beruwala Walk Inn Plc (BINN) has approved the delisting o the company at the recently held Extraordinary General Meeting.
The Company said two resolutions were approved by 84% of the shareholders present by person and proxy voting in favour.

One resolution is delisting from the CSE and submit an application for the same to the SEC and approve the offer price of Rs. 120 which the majority shareholder Banyan Tree Holdings Ltd will pay in acquiring shares from anyone who wishes to sell his or her stakes.

The other special resolution was to approve the change of status of the Company to a non-listed company subject to regulatory approval. The decision to de-list by the Board of Directors of the negative net worth BINN Beruwala Walk Inn (BINN) was after options to revive the company failing to materialise.

The Board said it has been considering various options to determine the best way forward for BINN to redevelop its only property in Beruwala, which was destroyed by the tsunami on 26 December 2004, within a constrained financial capacity, resulting from significant accumulated losses and large borrowings.

“Any new potential redevelopment of the hotel will require substantial infusion of funds and such funds are not available from financial institutions due to the negative net worth position of the company (-Rs. 222.6 million as at 31 December 2013),” the company said.

Net asset per share as at 31 December 2013 of BINN was a negative Rs. 247.38, up from a negative Rs. 187.57 a year earlier.

BINN last traded at Rs. 104 on 4 March. In the quarter ended on 31 December 2013, the highest traded price was Rs. 109.80, lowest was Rs. 70 and the closing was Rs. 90. Its all-time high is Rs. 350.30 and all time low was Rs. 4.50. Banyan Tree holds 80% stake in BNN. 

Other major shareholder is K.M.K. Holdings (3.7%) whilst the company has a host of high net worth and retail shareholders. As at end 2012, BINN had 396 shareholders, of whom 370 held shares up to 1,000 accounting for 7.76%.
www.ft.lk