Dinal buys 13% stake in Central Industries; Sierra Cables exits

Thursday, 20 November 2014 01:02 - - {{hitsCtrl.values.hits}}

Dinal Wijemanne has on Tuesday bought a 13.12% stake in Central Industries Plc (CIND) for Rs. 103 million. The acquisition was part of the 16% stake (1.574 million shares) of Central Industries sold by Sierra Cables Plc at day’s lowest price of Rs. 80 each. In total 1.969 million of CIND shares traded for Rs. 158.8 million. Net asset per share of CIN at Company level is Rs. 102 and at Group level Rs. 105.Highest price of CIND in the six months ended in September was Rs. 84.50, lowest was Rs. 56.50 and closing price was Rs. 74.90. Deals on CIND on Tuesday pushed its share price by 14.4% or Rs. 14.39 to close at Rs. 94.60 whilst it hit an intra-day high of Rs. 99. Yesterday the CIND closed down by Rs. 6.50 or 7% with mere 65,671 shares traded. With Tuesday’s sale, Sierra Cables, which was the second largest shareholder, has exited Central Industries. However, Sierra Holdings Ltd. as per end September 2014 held a 1.8% stake as the eighth largest shareholder. Central Finance Plc holds a 44.06% stake in Central Industries whilst related party CF Insurance Brokers hold 5.7%.

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