Richard Peiris buys 12.5% stake in Chillaw Finance

Thursday, 14 August 2014 01:08 - - {{hitsCtrl.values.hits}}

Richard Peiris Arpico Finance Ltd. yesterday acquired 12.54% stake in Chillaw Finance PLC for over Rs. 100 million. Chillaw Finance, a relatively small finance company with assets worth Rs. 1.3 billion and liabilities of Rs. 796 million, saw 6.6 million of its shares traded yesterday for Rs. 167.54 million. This included a crossing of 3.09 million shares at Rs. 25.50 each. It hit an intra-day high of Rs. 25.90 and a low of Rs. 24.80 before closing at Rs. 25.50, up by Rs. 1.10. Its Net Asset Per share is Rs. 15.43. The seller was Asia Asset Finance Ltd., which had around 3.3 million shares. RPC had also picked up some quantities from the market. In its filing to the CSE, Richard Peiris didn’t mention that the acquisition was a part of the Central Bank-initiated financial sector consolidation, whilst some analysts speculated it could be part of RPC’s strategy of looking for a strategic stake. Chillaw Finance directors including J.A.D.N. Jayasuriya and related parties collectively own 27.6% stake in the company. The other largest shareholder is R.W. Kulatunga – owning 11%. Chillaw Finance has 61% in public share holding.

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