GTH gets 45% stake of SLT

The indices on the Colombo Stock Exchange continued declining with the broad-market ASPI declining by 29 points (-1.1%) to 2,491 and the MPI down by 54 points (-1.8%) to 2990. Equity turnover totaled Rs 201, mainly from John Keells Holdings (Rs 46.4 million), Environmental Resources (Rs 30.9 million) and Pan-Asia Bank (Rs 21.4 million).

The mandatory offer by Global Telecommunications Holdings (GTH) to Sri Lanka Telecom's shareholders closed on June 2. Pursuant to the closure of the offer, GTH now owns 45% of SLT, while the Secretary to the Treasury owns 49.5%. GTH acquired NTT's 35% stake in April. SLT closed at Rs 46.75

John Keells Hotels (KHL), the resort hotel owning subsidiary of John Keells Holdings (JKH), reported a loss of Rs 71 million for the financial year ended March 2008, vs. a profit of Rs 228 million in the previous year.

KHL's Sri Lankan operations lost Rs 230 million (Rs 327 million loss in 2007), while its Maldives resort profitability fell 71% to Rs 159 million.

Ceylon Cold Stores (CCS), reported a 19% revenue growth to Rs 10.1 billion and a 36% decline in profits to Rs 175 million for the year ended March 2008.