De Mel sister enjoys premium on Colombo Pharmacy sale

Mrs. T.C.L. de Mel, sister of Deputy Chairman of Colombo Pharmacy Plc (CPP) Hema Laksiri de Mel has collected a higher premium for her shares in the Company as opposed to others.

In a filing to the Colombo Stock Exchange, CPP said that de Mel sold her entire shareholding of 10,061 shares in the market at a price ranging between Rs. 2,001 and Rs. 3,100 during the period 24 September to 1 October.

On September 21st the majority control of CPP changed hands at Rs. 653.80 per share. Sellers included Hema L. de Mel (131,268 shares), Romesh de Mel (240,773 shares), Estate of Eileen de Mel (296,896 shares) as well as J.L. Morison (307,488 shares).

The stakes amounting to 77% were acquired by Environmental Resources Investments Plc (67%) and high networth individual investor Nimal Perera (10%).

On that week ended on 24 September, CPP share price rose to an all time high of Rs. 3,200 before closing at Rs. 2,915, up by Rs. 2,014.90 or 224% with 1.05 million shares changing hands. Last week its price was Rs. 2,198, up by Rs. 424.50 or 24%. Yesterday it closed at Rs. 1,811, down by Rs. 387.40.