Arpico Finance to repurchase shares in Alfinco Insurance Brokers

Arpico Finance Company PLC has decided to accept the offer by Alfinco Insurance Brokers (Pvt) Limited to repurchase the shares held by Arpico Finance Company PLC in Alfinco Insurance Brokers (Pvt) Limited for Rs. 186,100,000 which amount has been independently arrived at by KPMG as being fair.

All necessary regulatory approvals have been obtained.

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Sri Lanka stocks end steady after 2 days of falls; banks up, foreigners sell

(Reuters) - Sri Lankan stocks steadied on Friday after two straight sessions of losses as profit-taking in blue chips offset gains in banking and palm oil shares, while foreign investors sold risky assets.

Stockbrokers expect the rising streak to continue due to lower interest rates and growth optimism.

The main stock index ended up 0.01 percent, or 0.73 points, at 7,233.71, hovering near a more than three-year high close hit on Tuesday.

"There will be a temporary correction with the index moving sideways, but the market will go up for the simple reason that there is no other avenue for people to invest," said an analyst asking not to be named.

"People might feel the market is a little overheated, but the bourse will still continue its run on lower interest rates and positive economic outlook."

Hatton National Bank Plc rose 1.33 percent to 183.40 rupees a share, while palm oil firm Good Hope Co Plc rose 12.43 percent to 1,800 rupees.

Shares of conglomerate John Keells Holdings Plc fell 0.91 percent to 251.20 rupees, while Ceylon Tobacco Co Plc ended down 0.62 percent at 1,152.8 rupees.

The day's turnover was 2.73 billion rupees ($20.9 million), well above this year's daily average of over 1.29 billion rupees.

Foreign investors were net sellers of 711.6 million rupees of shares on Friday, but have been net buyers of 10.65 billion rupees in stocks this year. 

($1 = 130.3500 Sri Lankan rupee) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Prateek Chatterjee)

Serendib Hotels PLC mulls re-structuring

Hemas Holdings PLC and Minor International PLC, the parent companies of Leisure Asia Investments Limited and Lodging Investment (Labuan) Limited have made a proposal to the Board of Serendib Hotels PLC to consolidate the multiple Sri Lankan hotel property investments of Serendib Hotels PLC and the two major shareholders under Serendib Hotels PLC.

While considering this proposal the Directors of Serendib Hotels PLC have appointed an independent valuer to carry out valuations pertaining to the investments relevant to the proposal.

The Board of Serendib Hotels PLC will thereafter assess the proposal and if found feasible advise the shareholders of the company accordingly.
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Sri Lanka stocks fall on profit-taking; seen gaining

(Reuters) - Sri Lankan stocks fell for the second straight session on Thursday as investors booked profits, but stockbrokers expect the market to continue its gaining streak due to persistent foreign buying, lower interest rates, and positive economic outlook.

The main stock index ended down 0.3 percent, or 21.45 points, at 7,232.98, further slipping from its over three-year high close hit on Tuesday. It has gained in six of the last eight sessions till Thursday.

"Market is down on correction as it has been going up for the last few months. A correction is warranted," said Reshan Kurukulasuriya, COO of Richard Pieris Securities.

"Market will start moving up with all the positive factors," he said referring to lower interest rates, positive economic outlook, and continued foreign buying.

Shares of Sri Lanka Telecom Plc, which led the overall fall, ended 2.44 percent weaker at 51.9 rupees, while Heyleys Plc lost 3.53 percent at 352.10 rupees.

Shares in biggest listed lender Commercial Bank of Ceylon Plc fell 1.07 percent to 157.20 rupees.

The day's turnover was 1.19 billion rupees ($9.13 million), less than this year's daily average of over 1.28 billion rupees.

Foreign investors were net buyers of 125.3 million rupees worth of shares on Thursday, extending the year-to-date net foreign inflows in stocks to 11.36 billion rupees. 

($1 = 130.3000 Sri Lankan rupee) 

(Reporting by Ranga Sirilal and Shihar Aneez)

Sri Lanka stocks close down 0.3-pct

Sep 25, 2014 (LBO) - Sri Lanka's stocks closed in red owing to negative price movements on counters such as Sri Lanka Telecom and Commercial Bank, brokers said.

The Colombo benchmark All Share Price Index closed 21.45 points lower at 7,232.98, down 0.30 percent. The S&P SL20 closed 9.61 points lower at 4,013.02, down 0.24 percent.

Turnover was 1.19 billion rupees, down from 1.53 billion rupees a day earlier with 83 stocks closed positive against 112 negative.

The aggregate value of all off-the-floor deals represented 18 percent of the daily turnover.

Dunamis Capital closed 3.30 rupees higher at 29.80 rupees and George Steuart Finance closed flat at 30.40 rupees, attracting most number of trades during the day.

Foreign investors bought 187.16 million rupees worth shares while selling 61.82 million rupees worth shares.

Sri Lanka Telecom closed 1.30 rupees lower at 51.90 rupees and Commercial Bank of Ceylon closed 1.70 rupees lower at 157.20 rupees, contributing most to the index drop.

Nestle Lanka closed 17.00 rupees lower at 2,112.50 rupees and John Keells Holdings closed 1.30 rupees lower at 253.50 rupees.

JKH’s W0022 warrants closed 70 cents higher at 75.00 rupees and its W0023 warrants closed 10 cents higher at 78.10 rupees.

Sri Lanka stocks slip from 3-yr highs; more losses seen

(Reuters) - Sri Lankan stocks slipped on Wednesday from their highest in more than three years hit in the previous session as investors took profits in recent gainers such as Bukit Darah Plc, brokers said.

The main stock index ended down 0.09 percent, or 6.21 points, at 7,254.43, slipping from its highest closing level since June 9, 2011 hit on Tuesday. The index fell for the first time in seven sessions.

"Illiquid shares led the index to end marginally down," said Dimantha Mathew, manager, research at First Capital Equities (Pvt) Ltd. "The index might struggle a bit on profit-taking and correction as we feel big-cap counters are over valued."

Shares of Commercial Leasing and Finance Plc, which led the overall losses, fell 4.17 percent to 4.60 rupees, while Bukit Darah lost 1.37 percent to 725 rupees.

Conglomerate John Keells Holdings Plc, which fell 1.54 percent during the day, ended 0.35 percent firmer at 254.80 rupees.

The day's turnover was 1.53 billion rupees ($11.7 million), surpassing this year's daily average of over 1.27 billion rupees.

Foreign investors were net buyers of 156.94 million rupees worth of shares on Wednesday, extending the year-to-date net foreign inflows in stocks to 11.23 billion rupees. 

($1 = 130.2800 Sri Lankan rupee) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Prateek Chatterjee)

Sri Lanka stocks close down 0.1-pct

Sep 24, 2014 (LBO) - Sri Lanka's stocks closed 0.09 percent lower with the losses in counters such as Commercial Leasing and Finance and Bukit Darah, brokers said.

The Colombo benchmark All Share Price Index closed 6.21 points lower at 7,254.43, down 0.09 percent. The S&P SL20 closed 7.46 points lower at 4,022.63, down 0.19 percent.

Turnover was 1.53 billion rupees, down from 2.18 billion rupees a day earlier with 90 stocks closed positive against 108 negative.

The aggregate value of all off-the-floor deals represented 10 percent of the daily turnover.

George Steuart Finance closed 30 cents higher at 30.40 rupees, attracting most number of trades during the day.

Commercial Leasing and Finance closed 20 cents lower at 4.60 rupees and Bukit Darah closed 10.10 rupees lower at 725.00 rupees, contributing most to the index drop.

Ceylon Cold Stores closed 6.90 rupees lower at 238.10 rupees and Nestle Lanka closed 19.40 rupees higher at 2,129.50 rupees.

Ceylon Tobacco Company closed 5.00 rupees higher at 1,160.00 rupees and John Keells Holdings closed 90 cents higher at 254.80 rupees.

Cargills Ceylon closed 2.80 rupees higher at 168.00 rupees.

Deshodaya Development Finance Company has purchased 15,806,250 voting ordinary shares, acquiring 70.25 percent of the issued share capital of George Steuart Finance, a stock exchange filing said.