Sri Lanka stocks trend up Friday, Kotagala to absorb subsidiary

Sri Lanka’s Colombo Stock Exchange indices were trading up on Friday morning, CSE data showed, with the benchmark All Share Price Index moving up 0.37 percent.

The ASPI was up 79.28 points at 21,474.39, while the more liquid S&P SL20 was up 0.47 percent, or 27.95 points, at 6,023.20.

Positive contributors to the ASPI were Hatton National Bank (up 0.66 percent at 379.75 rupees), Dialog Axiata (up 0.86 percent at 46.90 rupees), Royal Ceramics Lanka (up 2.51 percent at 49.10 rupees), Ceylon Cold Stores (up 1.85 percent at 124.00 rupees), Sunshine Holdings (up 2.08 percent at 29.40 rupees), and Sampath Bank (up 0.18 percent at 139.00 rupees).

Commercial Development Company (down 2.51 percent at 35.00 rupees) was a top negative contributor.

Market turnover was 248.3 million rupees. Materials led turnover with 108.98 million rupees.

Kotagala Plantations said it had resolved to amalgamate with its 99.999 percent owned subsidiary, Rubber and Allied Products (Colombo), subject to shareholder approval.

Under the proposed amalgamation, minority shareholders holding a combined 9 shares in Rubber and Allied Products will receive a cash consideration of 8.10 rupees per share, while the parent company’s shares will be cancelled.

Kotagala Plantations shares were trading up 1.23 percent at 8.20 rupees.