Financial Times

Hayleys selling Dimo stake at Rs 544 million

Shareholders of the Hayleys Group were informed on Friday at its annual general meeting (AGM) that the company’s 28 percent stake in Dimo’s was being sold at Rs 160 per share, with the total of 3.4 million shares amounting to Rs 544 million.

The share price was not disclosed two weeks back when Hayleys announced it was disposing of its 21 year-old stake in Dimo to Dimo’s chairman Ranjith Pandithage and/or his nominees and both sides signed an agreement on the agreed price. Informed sources said the transaction was due to have gone through on Friday but was delayed due to ‘some issues’.

Trading in Dimo shares were suspended by the Colombo Stock Exchange around noon on Friday pending an announcement from the company. But even after trading ended at 2.30 pm, there was no announcement from Dimo. The sources said the deal is likely to go through on Monday.

Meanwhile Colombo stocks saw more speculative trading this week, on the back of aggressive investor Dhammika Perera's moves into Hayleys, through his company, Vallibel Holdings, brokers said. According to Nimal Perera, Director, Vallibel, the company has changed the strategy to buy 15 percent of the company from 10 percent as claimed earlier. A stock broker said on Friday some 111,000 Hayleys shares between Rs.134 to Rs.136 were traded. "Most shares went at Rs.135," he said.

Brokers said.Mr. Dhammika Perera seems to be making a 'serious attempt' into Hayleys. But Mr. Nimal Perera vehemently denied the allegation and said that Vallibel is only collecting the shares 'strategically. "There is no takeover bid," he said. He said that now Vallibel has a little over 14 percent in Hayleys.
Sampath Bank also informed the Colombo bourse of its chairman Edgar Gunatunge's resignation with effect on September 30 and the Bank's deputy chairman Arthur.

Senanayake, as his successor from October 1. "I have 55 years in banking and this is the time I want to relax," Mr Gunatunga told The Sunday Times FT when queried whether there was any pressure to resign, he said, "There was absolutely no pressure. This was my decision."

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