Bourse’s robustness boosted by LB Finance’s acquisition of 55.6% stake in Associated Motorways

Stock market activities continued with their positive proclivities yesterday and a transaction of note was the acquisition of a 55.6 percent stake in Association Motorways Pvt. Ltd by LB Finance.

- BY HIRAN H SENEWIRATNE

Under this acquisition, LB Finance invested Rs 3.7 billion to purchase 74.3 million shares at a share price of Rs 50. This enabled to increase the business portfolio to a great extent of LB Finance, market analysts said.

Amid those developments both indices moved upwards. The All Share Price Index went up by 77.93 points, while the S and P SL20 rose by 10.95 points. Turnover stood at Rs 6 billion with nine crossings.

Those crossings were; Commercial Bank 1.5 million shares crossed to the tune of Rs 291.5 million; its shares traded at Rs 193.50, LOLC Holdings 95000 shares crossed to the tune of Rs 55.5 million; its shares sold at Rs 580, Hemas Holdings 1.6 million shares crossed to the tune of Rs 52.9 million; its shares traded at Rs 33, HNB (NonVoting) 168,000 shares crossed for Rs 49.9 million and its shares traded at Rs 297.