Related party deal on Watawala boosts CSE turnover to over Rs 3 b

Tuesday, 12 May 2020 15:11 - - {{hitsCtrl.values.hits}}

A related party transfer of controlling stake of Watawala Plantations Plc today boosted the turnover at an otherwise beleaguered CSE to over Rs. 3 billion.

The Estate Management Services Ltd., transferred 74.24% stake - amounting to 151 million shares - for Rs. 3 billion to Sunshine Holdings Plc and Pyramid Wilmar Plantations Ltd. The transaction was first announced in mid-February as part of Sunshine Holdings decision to increase its exposure in the FMCG segment. The market closed the day with both indices down by over 3% whilst turnover was Rs. 3.6 billion.

In the morning, when trading opened the market crashed by 5% triggering a temporary suspension and a cooling period before resuming.