Asiri Surgical buys 82 per cent Asha stake

Shares in Asiri Surgical Hospital soared in early trade on Tuesday after it acquired an 82 per cent stake in fellow health stock Asha Central Hospital, a source close to the deal said.

Shares in Asiri Surgical were 12.77 per cent firmer in the first few minutes of trade, quoted at Rs. 13.25 each.

“We have decided to sell our 82 per cent stake in Asha,” Managing Director of Asha Central Hospital Ltd. Dr. Neville Fernando said. A source close to the deal said Asiri Surgical, which said late on Monday it was in preliminary discussions to buy the stake, had finalised the deal. Asiri Surgical was not immediately available for comment.

Asiri Surgical shares gained 21.62 per cent on Monday as calculated on a weighted average amid talk of an imminent deal, while Asha shares gained 14.4 per cent to Rs. 84.75.

The Colombo All Share index was up 0.44 per cent in early trade at 2,449.95 points by 0951 local (0421 GMT), 21 minutes after the market opened.

Reuters