Foreign owners of Lanka Realty trim shareholding by almost 15%

Controlling foreign shareholders of Lanka Realty Investments PLC formerly known as Ascot Holdings (LRI) reduced their ownership stake in the company last Thursday by nearly 15 percent with net foreign sales estimated at Rs.794 million.

Little above 39 million of LRI shares changed hands through 3,284 trades generating a turnover of Rs.994.5 million including 31.3 million shares held by the company’s controlling foreign shareholders. 

The net foreign sales of the company for the day were estimated at Rs794 million.

High net-worth foreign investors had over 80 percent stake in Lanka Realty, while the biggest local shareholder is the Joint Managing Director Hardy Jamaldeen, with 15 percent stake.  

Prior to the sale, Northern Trust Company S/A Ian McVeigh, P. Morgan, Eight Wonder, T. C. Smith, A. J. B. Warman, S. GRoden held 13.29 percent, 11.31 percent, 10.58 percent, 5.26 percent and 4.58 percent stakes in the company respectively. With no crossings recorded, the single largest trade was one million shares at Rs.25 each. Half a million shares were traded in three parcels and 0.72 million shares were traded in one parcel at Rs.25-25.10 range per a share. Overall, 18.5 percent of Lanka Realty shares were traded last Thursday. At the market closure, the share price was down by Rs.5.60 or 18 percent to  Rs.25.30 per a share. However, it recovered slightly by Rs.1.10 or 4.53 percent reaching Rs.26.60 per share the following day.

Lanka Realty’s public free float as of September 30th was 10.6 percent, which was  held by 1,729 public shareholders with a float adjusted market capitalisation of Rs.674.1 million. The company was not in compliance with the minimum public holding requirement under the Colombo Stock Exchange Listing Rules. The company reported a loss Rs.59.1 million or a diluted loss per share of 28 cents on Rs.173.29 million revenue for the September quarter compared to a loss of Rs.84.14 million or a loss per share of 40 cents a year ago.