Tea exporter Akbar Brothers raised its stake in Tea Smallholders to 20 percent by picking up a minority stake

Tea exporter Akbar Brothers raised its stake in Tea Smallholders to 20 percent by picking up a minority stake, brokers said.

Tea exporter Akbar Brothers raised its stake in Tea Smallholders to 20 percent by picking up a minority stake, brokers said. The strategic parcel of 1.1 mn or just under eight percent shares was sold by foreign investors Mr & Ms. Thapar at Rs. 60 per piece.

Tea Smallholders top three shareholders are now John Keells (37%), Central Finance (29%) and Akbar Bros (20%).

The deal propped the indices, though retail interest in leisure and hotel stocks kept the boards ticking.

The benchmark All Share Price Index however slipped 9.2 points to 1,525.21 points over a Rs. 239 mn turnover. The liquid Milanka Price Index fell 14.2 points, to 2168.5 points.

Hotel Developers was the pick of the day (down Rs. 105.00), while conglomerate Aitken Spence was also a favourite (down to Rs. 346.50).

Brokers said investors are warming up to pick up stakes in Lanka IOC’s public offering on Nov. 29. The IPO for 100 mn shares, has the option of going up to 133 mn in the event of an oversubscription. Sold through an auction style bid system, the issue is billed to be the largest in the country.

-LBO Newsdesk: LBOEmail@vanguardlanka.com