By Hiran H.Senewiratne
Distilleries Company of Sri Lanka (DCSL) is likely to be re-listed in the Colombo Stock Exchange. It was formally a listed company. DCSL was de-listed at the CSE because Melstacorp Limited, its subsidiary, bought all its shares.
Against the backdrop of the current situation, stocks in Melstacorp, have been active in the market, market sources said.
This was Sri Lanka’s first 180 degree share swap. Melstacorp, which is a 100 percent owned subsidiary of DCSL PLC will become the holding company, while DCSL PLC will become a subsidiary of Melstacorp Limited.
Distilleries Company of Sri Lanka PLC (DCSL) announced a reorganization of the shares and stated capital of DCSL and its fully owned subsidiary Melstacorp Limited (Melstacorp) in a Colombo Stock Exchange announcement.
Under these circumstances, within a short space of time, Melstacorp stocks are in demand in the market. Melstacorp became the second highest contributor to the day's turnover of Rs 108 million with a trading of 1.6 million shares. The market recorded a turnover of Rs 520 million with two major crossings. Those were, Chevron Lubricant crossed 250,000 shares for Rs 40.3 million and Tokyo Cement 390,000 shares for Rs 23 million.
The companies that heavily contributed to the turnover were, Commercial Bank Rs 121 million, with a trading of 857,000 shares and the third highest contributor was Chevron Lubricants Lanka Plc of Rs 41.3 million for 26,000 stocks. With these market developments the All Share Price Index went up by 34 points and S and P SL-20 went up by 21 points. 17,.2 million shares changed hands in 4083 trading transitions, sources said.
The reason for the market to pick up was the European Council's decision on reinstating the GSP plus to Sri Lanka, the EU being a huge export/import market in the world, which accounts for 16.5 percent of world trade, market sources said.
Distilleries Company of Sri Lanka (DCSL) is likely to be re-listed in the Colombo Stock Exchange. It was formally a listed company. DCSL was de-listed at the CSE because Melstacorp Limited, its subsidiary, bought all its shares.
Against the backdrop of the current situation, stocks in Melstacorp, have been active in the market, market sources said.
This was Sri Lanka’s first 180 degree share swap. Melstacorp, which is a 100 percent owned subsidiary of DCSL PLC will become the holding company, while DCSL PLC will become a subsidiary of Melstacorp Limited.
Distilleries Company of Sri Lanka PLC (DCSL) announced a reorganization of the shares and stated capital of DCSL and its fully owned subsidiary Melstacorp Limited (Melstacorp) in a Colombo Stock Exchange announcement.
Under these circumstances, within a short space of time, Melstacorp stocks are in demand in the market. Melstacorp became the second highest contributor to the day's turnover of Rs 108 million with a trading of 1.6 million shares. The market recorded a turnover of Rs 520 million with two major crossings. Those were, Chevron Lubricant crossed 250,000 shares for Rs 40.3 million and Tokyo Cement 390,000 shares for Rs 23 million.
The companies that heavily contributed to the turnover were, Commercial Bank Rs 121 million, with a trading of 857,000 shares and the third highest contributor was Chevron Lubricants Lanka Plc of Rs 41.3 million for 26,000 stocks. With these market developments the All Share Price Index went up by 34 points and S and P SL-20 went up by 21 points. 17,.2 million shares changed hands in 4083 trading transitions, sources said.
The reason for the market to pick up was the European Council's decision on reinstating the GSP plus to Sri Lanka, the EU being a huge export/import market in the world, which accounts for 16.5 percent of world trade, market sources said.
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