High-net-worth investor Rusi Captain has collected over 7 million shares, or 1.5% stake, of LOLC Holdings PLC last week in a buying spree in the Colombo Bourse, post-COVID-19.
The bulk of his purchases is the shareholding of foreign fund Matthews International Funds â€“ Matthews Asia and Matthews Emerging Asia Fund, which collectively held nearly 4% stake.Â
Sources said that Rusiâ€™s entry into the tightly-held LOLC was after seeing good value. Analysts estimate Rusiâ€™s cost to be around Rs. 120 per share, suggesting he has invested nearly Rs. 900 million in LOLC stake. At group level, the net assets per share is Rs. 192, and at company level it is Rs. 106.Â
Last week LOLC saw 11 million shares of it transacted for Rs. 1.3 billion via 2,890 trades before closing at R. 123.30, up by Rs. 3.40. The previous week, 12 million LOLC shares were transacted via 2,334 trades for Rs. 1.4 billion whilst the price went up by Rs. 8.90.Public float of LOLC Holdings is 15% whilst Chairman Ishara Nanayakkara and connected parties control 87% stake.
LOLC is yet to release interim results for FY20 and the fourth quarter. For the first nine months, LOLC Holdings pre-tax profit was up 38% to Rs. 21.6 billion whilst after-tax profit was up 54% to Rs. 16.3 billion. Gross income grew by 19% to Rs. 108.4 billion.