Sri Lanka Telecom share price edges up as large stake changes hands

Sri Dharanee Performance Arts Theatre

April 16, 2008 (LBO) – Nearly 32 million Sri Lanka Telecom shares changed hands on the Colombo bourse at 49 rupees a share, up 25 cents Wednesday. Brokers said the seller was believed to have been a Sri Lanka-born investor who had bought the stake before the UT bid and was making a sizeable profit within a short period.

The identity of the buyer was not immediately clear although some believed it may have been Malaysia’s Usaha Tegas (UT) group, which acquired a big stake in Sri Lankan Telecom on April 1.

UT group has announced a mandatory offer to buy all the remaining shares held by other shareholders of SLT.

The All Share price Index was up 23.97 or 0.91 percent at 2,649.58 in early afternoon trading.

The SLT transaction generated a turnover of 1,574 million rupees, boosting overall turnover to 1.7 billion rupees towards the end of trading, said Sujeeva Peiris of Bartleet Mallory Stock Brokers.

He said the market was up with interest in the tile sector as well as plantations, apart from the telco deal .

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