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Young Investor Dammika Perera yesterday bought another 30% stake of L B Finance Ltd to own the controlling stake of the company. With Perera's earlier stake of 31%, he now owns 61% percent of the company.

Dammika yesterday purchased 4,172 shares of LB Finance Ltd at Rs. 11 - a stake owned by Vanik Incorp.

Dammika's Fund Manager Nimal Perera said that Dammika has already invested reasonably in the financial sector companies as a strategic investment. "We believe that the financial sector is moving ahead and it is good strategic buying from an investor's point of view," he said explaining the rationale behind yesterday's transaction.

He has been investing significantly in the hotel, finance, power, shipping and entertainment industries in the past and given a huge boost to the stock market in recent times.

Dammika at present owns 20% of Pan Asia Bank and is a Director on its Board. He is also the Deputy Chairman, Royal Ceramics and Director Connaisance De Ceylan Group (51%). He is also into the mini hydro projects industry currently setting up two plants in Kahawatte and Erathna, totalling 20 megawatts. He also owns a 21% stake of Printcare and 60% of Reef Comber.

Bourse on upward trend: SLT shares make headway

The gradual upward trend followed by 'corrections' and 'profit taking' has resulted in boosting the Colombo Bourse. The Bourse further improved its position yesterday with the ASPI increasing to 1,042.80 points from 1,039.50 and the Milanka Index to 2,032.4 points from 2,012.50. The turnover was Rs. 266.38 million. Local investors dominated the market once again. Trading began on a positive note and towards the end it came down a bit at the end of the day.

"Buying interest will continue in selected stocks and with the news coming from the peace front being favourable, we can expect the market to continue on an upward trend," stockbrokers said.

"We have noticed that investors are going in for stocks in well-managed companies."

Among the heavily traded stocks were Asia Capital (330,600), Colombo Land (105,500), DFCC (102,400), Distilleries (1,278,800), Grain Elevators (180,600), JKH (280,900), LB Finance (4,199,500), LMF (249,800), Merchant Bank (102,900), MLL (514,300), Nations Trust (274,200), NDB Bank (122,300) and Telecom (1,975,400).

Telecom shares were the main attraction in yesterday's activities. Telecom shares were mainly purchased by local investors and there was foreign buying too. It was also rumoured that Captains were buying Telecom shares. Stockbrokers said that it was a positive sign to see that SLT shares have become active which is one of the most liquid stocks on any given day.
CJ

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