Amidst forced and resultant panic selling across the market, some are sensing opportunities.
Nimal Perera has increased his stake in ASCOT Holdings to around 21% after collecting available quantities in the market during the past two days.
On Monday 263,200 shares (or a 3.3% stake) of ASCOT traded between a high of Rs. 158 and a low of Rs. 145 before closing at Rs. 154.40, up by 2.60. Yesterday a much smaller volume of 35,600 shares traded before closing at Rs. 147.20, down by Rs. 7.20. Nimal had crossed the 20% stake threshold on Monday. Prior to this week’s purchase, Nimal is estimated to have held around a 17% stake.
As per 30 September 2011 interim accounts, Nimal had only a 3.4% stake, suggesting that he has been busy increasing the stake since then. The Iriyagolle family, via Axis Financial Services and connected parties, holds control of ASCOT Holdings.