Apollo writes to Stock Exchange

The Lanka Hospitals Company Limited (LHCL) has written to the Colombo Stock Exchange (CSE) saying that recent speculation on Apollo Hospitals and newspaper articles about the Board of Investment withdrawing its concessions have had no affect on the share price as far as the company is concerned.

“The company has written to the CSE saying that there is no material information on the recent newspaper articles on Apollo and that they have not affected the share price,” Sureka Sellahewa, Director General, CSE told The Sunday Times FT.

In a note to shareholders, the board of directors said they agree with the report by BDO Burah Hathy (an audit firm appointed by Apollo to advise the company’s board of directors on Harry Jayawardena’s offer) which said, “in our view the price per share of of Rs 28 offered to shareholders … is at a premium and is an attractive offer.”

The Jayawardene-led Sri Lanka Insurance (SLI) has made a mandatory offer to shareholders to buy their shares.

With the offer document date closing this Thursday, all parties relating to Apollo are apprehensive. “We cannot say anything about Apollo at the moment,” Jayawardena told The Sunday Times FT.