Capital Trust Holdings buys 10% of eChannelling for Rs. 54 m

Tuesday, 4 September 2012 01:52 - - {{hitsCtrl.values.hits}}

Capital Trust Holdings Ltd., yesterday bought 12.2 million shares amounting to 10% stake in eChannelling Plc. for Rs. 54 million.

eChannelling saw 31.36 million of its shares transacted via 1,513 trades for Rs. 150.1 million. Of that the largest block was 8.7 million shares done at Rs. 4.70 each. It touched a high of Rs. 5.20 before closing at Rs. 5, up by 30 cents.

Sri Lanka Insurance Corporation which as at 31 March 2012 held 25% stake was the biggest seller divesting about Rs. 90 million worth of eChanneling shares including the big block of 8.7 million shares held by the Life Fund. SLIC’s General Fund held 16.4% and Life held 8.7% as at 31 March 2012. The biggest shareholder at eChannelling is British American Technologies Ltd with 27.4% stake.

In FY12, eChanneling Plc saw 43% rise in revenues to Rs. 88.2 million and net profit swelling by 1000% to Rs. 91.5 million over FY11.

Chairman P. Kudabalage said in the Company’s 2011/2012 Annual Report that eChannelling PLC has embarked on a number of new projects through its subsidiary ECL Soft (Private) Limited which aims to position the group as a diversified entity focusing on e-business opportunities.

“The company is in the process of launching echannelling services globally which I believe would commence generating revenue in the immediate future. The company is actively looking at opportunities in Asia and the Middle East,” he added.

Deputy Chairman Ruwan Silva said: “The Board of Directors delayed external capital infusion to ECL Soft (Private) Limited since the market conditions were adverse in the recent past, but looking at raising around US$2-3 Million to fund projects that the company has embarked and to retire interest bearing borrowing made to partly fund equity investments.”