Singer increases free float through share sale to institutional investors

Thursday, 24 March 2016 00:00 - - {{hitsCtrl.values.hits}}

Singer (Sri Lanka) PLC, the country’s leading consumer durable retailer, yesterday announced an increase in its free float following a sale of shares to international and local institutional funds.

In line with parent company, Singer (Sri Lanka) BV divesting a 6.43% stake to institutional investors, Singer Sri Lanka has increased the liquidity of traded shares, broadened its shareholder base and thereby increased its capital market presence.

Singer Sri Lanka saw 8.11 million of its shares changing hands via trades for Rs. 927.5 million or 73% of the day’s turnover. Of the quantity, 7.79 million shares were done via four crossings at Rs. 114.30 each. The share price of Singer Sri Lanka decreased by Rs 5.30 (4.41%) closing at Rs 115.00 whilst foreign holdings decreased by 2.115 million shares.

Around three foreign funds had picked up a collective 5.68% stake whilst the solitary local institutional investor had bought 1.6% stake.

Singer Sri Lanka Group CEO Asoka Peiris told the Daily FT that fresh foreign interests were following successful showcasing of the Company, market and country prospects during one to one investor meetings in London Invest Sri Lanka Forum organised by the CSE, Hong Kong, Thailand and Sri Lanka Summit in Singapore recently.

Following the transaction Singer Sri Lanka BV will continue to hold 99,762,850 shares representing an 79.7% interest in the capital of Singer (Sri Lanka) PLC. The parent company has also assured the Sri Lanka Board of its continued support and commitment towards the ongoing success of the Company.

Singer said through this transaction Singer Sri Lanka has successfully expanded its shareholder base and paved the way to boost its share capital ensuring the continuation of its dynamic growth.