October 15, 2018 (LBO) – The Colombo Stock Exchange (CSE) woke up today with a block trade in Singer Sri Lanka. 35,562,883 shares traded at Rs47, up sharply from the previous days’s closing price of around Rs30/share.
The value of the block transacted is roughly Rs1.7bn (US$10mn).
After the block trade, Singer (SINS) has drifted back down to yesterdays levels of close to Rs30.share.
The amount of shares transacted in the block indicates that the seller was Retail Holdings (Sri Lanka) BV. Retail Holdings is the company that used to own a controlling stake in (SINS) before they sold to CSE listed Hayleys.
According to a stock exchange disclosure, the buyer of the block of shares was Hayleys. The transaction price of Rs47/share is the same price that Hayleys (HAYL) paid in their takeover of the Sri Lankan retail giant.
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The sale is likely take the total foreign net outflows from the CSE past the Rs8bn mark for 2018.