Kalamazoo stock price soars after takeover by Nimal

Saturday, 12 September 2015 00:01 - - {{hitsCtrl.values.hits}}

The share price of Kalamazoo Systems Plc yesterday rose sharply to emerge as highest gainer percentage wise following news of takeover by market mover and investor Nimal Perera.

The stock touched an all-time high of Rs. 2,000 before closing at Rs. 1,910, up by Rs. 838.80 or 78%. The lowest price the share fetched was Rs. 1,716. Being an illiquid stock, only 129 shares changed hands via 43 trades.

Nimal on Wednesday bought a 67% stake in Kalamazoo, which specialises in the printing industry, for Rs. 35 million at Rs. 1,067.70 per share. Sellers included the Ratnanather family and related parties who held over 40% and CT Holdings Plc which owned 19.5% whilst related party Ceylon Printers Plc with 3.6% also exited.

With a previously acquired 1% stake, Nimal now holds a near 68% stake in Kalamazoo and will be making a mandatory offer at Rs. 1,067.70 per share to acquire remaining shareholding.