Share buy-back firms see new highs

Monday, 26 May 2014 00:05 - - {{hitsCtrl.values.hits}}

Two firms which are exercising a buy-back of shares saw their prices soar to new 52-week highs. Kuruwita Textile Mills Plc saw its share price gain by 37.8% or Rs. 7.90 to close at Rs. 28.80. The gain put Kuruwita as biggest percentage wise gainer last week. Previous 52-week highest was Rs. 25.90 whilst last week it an intra-week high of Rs. 29.40. The company announced that the SEC has approved the share buy-back at Rs. 30 each. Beruwela Walk Inn (BINN), which also got SEC approval as well as shareholder nod, saw its share price gain by 10.6% or Rs. 11 to close at Rs. 115 after peaking to an intra-week high of Rs. 116.50. The previous 52-week highest price of BINN was Rs. 110. The buy-back of shares by BINN is at Rs. 120 each.

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