EPF buys 2% of Access Engineering for Rs. 440 m

Tuesday, 15 October 2013 00:18 -     - {{hitsCtrl.values.hits}}

The Employees’ Provident Fund (EPF) has acquired a 2% stake in Access Engineering Plc for Rs. 440 million. The acquisition of the stake amounting to 20 million shares was on Friday. The seller at Rs. 22 per share was R.J. Gomez, who held a 2.5% stake or 25 million shares at June 2013. The parcel was the biggest AEL block to trade in recent months. On Friday 21.15 million AEL shares traded for Rs. 465.17 million, accounting for 46% of the turnover. In the quarter ended 30 June 2013, AEL posted a Group after tax profit of Rs. 555.6 million, up from Rs. 336 million a year earlier. Revenue grew from Rs. 2.8 billion to Rs. 3.15 billion. Chairman Sumal Perera holds 25% and Managing Director J.C. Joshua (10%) along with Mrs. Joshua (7%) and Ranjan J.S. Gomez (12%) are the major shareholders of AEL. EPF has been active in the market in recent months collecting fundamentally sound stocks.