Monday, 23 September 2013 01:13
ASPIC Corporation Ltd. had last week sold 1.3 million shares of the troubled Touchwood Investments Plc (TWOD) for Rs. 2 million.
Last week Touchwood saw 11 million of its share change hands via 795 trades for Rs. 18.7 million. It closed 10.5% or 20 cents down to close at Rs. 1.70. Trading on TWOD gathered pace following the lifting of the six-market-day suspension between 9 and 16 September.
The quantity sold by ASPIC was from the block it bought from TWOD Chairman R. Maloney in July at Rs. 3.90 per share. Maloney is a Director of ASPIC, whose Chairman is the Sri Lankan born Australian citizen Deepthi Perera.
In July, Maloney sold 6.6 million shares between Rs. 3.50 and Rs. 4.40 per share. Prior to that iin May he sold 7.5 million shares at Rs. 5.50 and Rs.6.10 each whilst his wife cum Director S.G. Jamburegoda sold 9.6 million shares in May between Rs. 6 and Rs. 7.30 per share.
ASPIC is also the largest shareholder of Central Investments and Finance Ltd. (CIFL), another entity facing crisis. As at June 2013, ASPIC held a 22% stake in CIFL, which is also in trouble. In June last year ASPI held 49.8% and its Chairman Deepthi Perera held 17.6%. It acquired control of CIFL in 2004.
The ASPIC Group was incorporated in 2003 by Perera, and is part of his global network of investments. ASPIC Corporation, incorporated in 2003 has invested in diversified business ventures such as finance and asset management, engineering and construction, real estate, aqua culture, plantation, mining, bio techniques, professional development, education and migration services and entertainment.