SLIC sells 10% stake of Asiri Surgical for Rs. 502 m

Sri Lanka Insurance Corporation (SLIC) yesterday sold a 10% stake in Asiri Surgical Hospitals for Rs. 502 million.

The deal involving 52.8 million shares was done at Rs. 9.50 each.

It was the biggest deal in the market which bounced back strongly yesterday. The buyer was Asiri Hospitals which increased the stake in its subsidiary to 40%.

In total 53 million shares of Asiri Surgical traded between a high of Rs. 9.80 and a low of Rs. 8.60 before closing at Rs. 9.10 up by 40 cents or 4.6%.                                     

SLIC General Fund as at June 30, 2010 held around 22.3% stake amounting to 118 million shares. Separately SLIC Life Fund held around a 2% stake.

In a related sector development, Nawaloka Hospitals also saw brisk trading with 8.7 million shares (with 2.8 million at Rs. 8.50 each as a crossing) changing hands before closing 40 cents up to Rs. 8.50. Speculation was that high networth individual investor Dr. T. Senthilverl had been the major buyer. As at June 30, he held around 6 million shares in Nawaloka.