Asian Alliance buys 1 million shares of JKH; Arisag exits

Softlogic controlled-Asian Alliance Insurance Plc yesterday had picked up 1 million shares of premier blue chip JKH hot on the heels of business tycoon Harry Jayawardena-controlled Distilleries buying 2% stake for Rs. 3.4 billion on Wednesday.

Asian Alliance was among buyers of JKH which saw 2.04 million of its shares changing hands for Rs. 440.7 million or 15% of the day’s turnover at CSE. Of the quantity traded 2.02 million shares were done via six crossings at Rs. 215 each.

JKH closed the day at Rs. 16.90, down by Rs. 1.60 whilst it hit an intra-day high of Rs. 220.

Foreign fund Arisag was the seller fully exiting from JKH. On Wednesday it also sold 16 million shares, which were bought by Distilleries at Rs. 215 each. Arisag had 19.2 million shares or 2.3% stake as at June 2011.

In the past two days 19 million shares of JKH had traded and buyers of smaller quantities included Captains, who control slightly over 20% stake in JKH, foreign funds, institutional and high networth investors.