Softlogic Group sizzles Bourse

Tuesday, 21 August 2012 02:11 - - {{hitsCtrl.values.hits}}

Softlogic Group sizzled the Colombo stock market yesterday with its firms responsible for Rs. 1.2 billion deals accounting for 68% of the total.

Softlogic Holdings (SHL) said that the company and its subsidiary Dai-Nishi Securities Ltd., sold their entire holding of 2.4 million shares (nearly 11% stake) in Asiri Central Hospital (ASHA) to Actis Investment Holdings SL Ltd. at Rs.250 per share for a total consideration of Rs. 604 million realising a capital gain of Rs. 288 million to the group.

SHL also announced that it purchased 81 million shares (9% stake) of Asiri Hospital Holdings (ASIR) at Rs. 7.50 per share for a total consideration of Rs. 608 million.

Softlogic Chairman Ashok Pathirage said the rational for entering into the transaction was to keep Softlogic Holdings Plc strategy of consolidation its stake in Asiri Hospital Holdings Plc.

The SHL’s purchase was from SSP Corporate Services, the trustees of Asiri Hospital Holdings Plc Employee Share Trust and the amount of Rs. 607.7 million exceeded 10% of the equity of the entity as per the audited financial statements for the year ended 31 March 2011.

Consequently to the deal SHL Group increased its ownership of ASIR to 61.87% with SHL holding 55.12% and the balance held by Group companies.

In total Asiri Hospitals saw 81.5 million of its shares traded for Rs. 611.75 million and Asiri Central Hospitals 2.41 million shares for Rs. 604.39 million, bringing the total to Rs. 1.2 billion.

Despite deals, Asiri Central (ASHA) closed 20 cents down whilst Asiri was down by 40 cents. Softlogic Holdings closed unchanged at Rs. 9.30 though it hit an intra-day high of Rs. 9.50.