LNP – Lanka Realty Investments acquires controlling shares of On’ally Holdings

CSE turnover almost Rs 3.5 billion

Lanka Realty Investments Plc has acquired 50.8 percent  of the issued capital of Colombo Stock Exchange (CSE)  listed On’ally Holdings Plc for Rs 1.42 billion.

With the transaction Renula Capital and Lanka Reality Investments share prices appreciated significantly yesterday, stock market analysts said.

On’ally Holdings Plc announced that Lanka Realty Investments Plc has acquired 50.8 percent  ( 47,244,050 shares) of the issued capital (93,003,087 shares) of the company with the purchase of shares made on 3rd December 2020 at a price of Rs.30.20 per share.Â

Meanwhile, in a separate filing Renuka Capital Plc announced that it has sold and disposed of 40,754,820 Ordinary Shares (43.821 percent ) held by the Company in On’ally Holdings Plc to Lanka Realty Investments Plc at a value of Rs.30.20 per share on the CSE. Renuka Capital PLC is the second largest shareholder of On’ally Holdings Plc.

The turnover stood at Rs 3.44 billion with two crossings mainly; On’ally Holdings crossing which contributed 42 percent to the turnover and Access Engineering. On’ ally 47.2 million shares crossed for Rs 1.43 billion and its share price was Rs 32.20 and Access Engineering one million shares crossed for Rs 25 million and its share price was Rs 25.

With the transaction  Renuka Capital share price appreciated by  more than 50 percent or Rs 2.50 . Its share price startered trading at Rs 5 and at the end of the day it moved upto Rs 7.50. Lanka Reality share Price share price moved up by 13 percent or  Rs 4.60. It’s share price startered trading at Rs 34.40 and at the end of the day it moved up to Rs 39.

In the retail market top five companies that mainly contributed to the turnover were JKH Rs 141.5 million (945,000 shares traded), Expolanka Rs 135.7 million (5.2 million shares traded), Melstacorp Rs 128 million (three million shares traded), Access Engineering Rs 123.3 million (4.9 million shares traded) and Renuka Capital Plc Rs 121.7 million  (18.5 million shares traded).

Amid those developments both indices moved upwards  i.e. All Share Price Index up by 17.26 points and S and P SL20 up by 8.81 points up. The share volume that transacted during the day was 22487.  According to stockbrokers that market sluggish and the latter part of the day  it picked up following the major crossing.