EPF buys 7% of Dilmah owner for Rs. 995 m

Saturday, 28 December 2013 09:13 -     - {{hitsCtrl.values.hits}}

Employees Provident Fund (EPF) yesterday bought a 7% stake in iconic Dilmah-brand owning firm Ceylon Tea Services Plc for Rs. 995 million. The block amounting to 1.46 million shares was held by low profile high net worth investor Dr. T. Senthilverl, who was the largest outside shareholder at CTS, controlled by MJF Group. EPF paid Rs. 680 for each of the XD-share of CTS, up by Rs. 9.60 from its previous close. Net Asset Per Share of CTS is Rs. 413 and Earnings per share is Rs. 20. CTS’ 52-week highest price is Rs. 700 Deals on CTS accounted for 75% the day’s turnover at the CSE. Family-owned MJF Teas Ltd holds 65.38% stake and MJF Exports holds a further 21% in CTS. CTS’s net profit in the first half of FY14 was Rs. 565 million, though down by 42% from a year earlier. Revenue was up 10% to Rs. 4 billion. At Group level pre-tax profit was down by 18% to Rs. 435 million.