Senthilverl second biggest shareholder at Gestetner with 20% stake

Thursday, 14 October 2021 00:20 - - {{hitsCtrl.values.hits}}

High net worth individual investor Dr. T. Senthilverl has become the second biggest shareholder at Gestetner of Ceylon Plc with a 20% stake.

This is following the purchase of a stake of nearly 11.77% amounting to 312,865 shares at Rs. 75 each in a deal worth Rs. 23.4 million on Tuesday.

The seller was the previous second largest shareholder and Director Dinal Phillips with a 12.27% stake. Prior to Tuesday’s purchase Dr. Senthilverl held an 8.87% stake in Gestetner.

Gestetner (Eastern) Ltd. holds a 46.66% stake. Public float of Gestetner of Ceylon as at 30 June 2021 was 30.76% held by 705 shareholders.

For the quarter ended 30 June 2021, the highest share price of Gestetner was Rs. 101.75 and the lowest was Rs. 80 before closing at Rs. 82.70. The share price yesterday closed unchanged at Rs. 80.

In the 1Q, Gestetner Group revenue rose by 29% to Rs. 162 million whilst gross profit improved by 17% to Rs. 42.5 million. However it posted an operating loss of Rs. 22.5 million, as against a loss of Rs. 9 million in 1Q of FY21. After tax loss was Rs. 27 million up from Rs. 15 million a year ago.

Retained earnings at Group level was Rs. 181 million as at 30 June 2021. Group assets amounted to Rs. 602.7 million down from Rs. 724 million whilst liabilities were Rs. 325 million, down from Rs. 429 million.