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Colombo bourse spurred by two RPC sales

by Ravi Ladduwahetty

The sale of the 19 percent Government owned minority equity stakes of two Regional Plantation Companies- Talawakelle Plantations Ltd and Malwatte Valley Plantations Ltd on Tuesday spurred the Colombo bourse to double its daily turnover.

The turnover of all other transactions amounted to around Rs. 100 million while these two sales yielded Rs. 111 million, Colombo Stock Exchange's Senior Manager ( Marketing) Rajiv Bandaranayake told the Daily News yesterday.

The 19 per cent shares of Talawakelle Plantations Ltd was sold at Rs. 18.25 a share, after heavy bidding for Hayleys Plantations Ltd, an Aitken Spence, Hayleys and MJF Exports joint venture while Malwatte Valley Plantations Ltd was sold to a consortium led by W. L. Bogstra, through its Managing Agents Wayamba Plantations Ltd.

This sale should also be a propel to the divestitures of the Government owned equity in the other seven companies.

These divestitures are: Talawakelle Plantations Ltd and Malwatte Plantations Ltd (remaining minority shares of 19 per cent each), National Insurance Corporation (39 percent), Pelwatte Sugar Industries (53 percent), Hingurana Sugar Industries Ltd (51 percent) Sevanagala Sugar Industries Ltd (53 percent), Shell Gas Lanka Ltd (39 percent), a 51 percent of Lanka Marine Services Ltd (LMS), a wholly owned Ceylon Petroleum Corporation subsidiary and a slice of Sri Lanka Insurance Corporation yet to be determined.

Mr. Bandaranayake said that the general interest in market activity should also be aroused within the coming fortnight in the wake of the March 18 budget. 

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