Bid for Softlogic Life boosts its and parent share prices amidst heavy trading

Friday, 17 February 2023 01:28 - - {{hitsCtrl.values.hits}}

Colombo stock market rebounds as locals return to buying mode

Softlogic Capital PLC’s disclosure of a bid for its subsidiary Softlogic Life Insurance PLC saw share price of both companies rise sharply yesterday in addition to dominating trading and turnover.

Softlogic Capital said it has received a proposal for the purchase of shares held by the Company in its subsidiary Softlogic Life Insurance and is in the process of evaluating such proposal.

It said the Colombo Stock Exchange will be informed of further developments in this regard.

It was the first admission of a bid by Softlogic Capital though the shares of the two companies have been heavily traded for months on speculation of the sale. See https://www.ft.lk/front-page/Speculation-drives-up-Softlogic-Life-share-price-amidst-heavy-trading/44-744212

Yesterday Softlogic Capital saw 27.47 million of its shares change hands via 2,363 trades for Rs. 344 million. Its price gained by Rs. 2.50 or 24% to Rs. 13. It topped the list of gainers percentage wise and the intra-day highest price was Rs. 13.90 and lowest was Rs. 11.50. Its 52-week highest price was Rs. 19.20.

Separately, Softlogic Life Insurance share price gained by Rs. 8.80 or 9% to Rs. 107. Around 2.3 million shares changed hands via 1,617 trades for Rs. 253 million. It reached an intra-day high of Rs. 111. Its 52-week highest price was Rs. 180.