December 20, 2018 (LBO) – Trading at the Colombo Stock Exchange (CSE) picked up with active trading in bellwether stock John Keells Holdings (JKH).
JKH traded close to Rs2bn (US$11mn) worth of shares as trading neared the close for the day. The amount of shares traded today is close to 1% of the total outstanding shares of the company. The shares were traded at prices close to Rs160/share (the price at which the company has an open stock buyback offer).
The market capitalisation of JKH sits close to US$1.2bn, and the stock is trading close to book value.
For the last few months, JKH has seen foreign institutional selling to local buyers. For the most part, the local buyers have been Harry Jayawardena controlled Melstacorp, and the Captian family. Together these entities are speculated to already own over 25% of the total outstanding shares of Sri Lanka’s most important company.