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| Thursday, 17 June 2004 |
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Eagle Insurance acquires 15% stake of UAL The significant transaction at the Colombo Bourse was an acquisition of a 15% stake of Union Assurance Limited (UAL) by Eagle Insurance. This stake which was held by the International Finance Corporation (IFC) was transacted at a price of Rs 58.00 per share investing Rs 217.5 Million. The turnover increased to Rs 494,238,851. The market also experienced profit taking and selling on a thin margin. According to an UAL spokesman, the company expects this investment to enhance shareholder value. The main shareholders of Eagle Insurance Company are NDB Group and Bank Of Ceylon. The All Share Price Index was marginally down at 1,303.81 points from 1,304.33. The Milanka Price Index increased to 1,951.23 points from 1,945.59 the previous day. Union Assurance, SLT, JKH, CF Venture Fund and AHOT Properties were heavily traded stocks. Domestic purchases were Rs 2,177 millon and foreign purchases Rs 107 million. The day's top five gainers were Lanka Ashok, Lankem Ceylon, CIT, E.B. Creasy and Mahaweli Reach. |
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