Financial Times

JKH share falls on rumours, foreign selling

By Duruthu Edirimuni Chandrasekera

Foreign selling and what was described as ‘ uncalled rumours’ have brought the John Keells Holding (JKH) Plc share price down during the last few months, according to senior JKH officials.

“We have extensive foreign holding. Therefore when a few million shares are sold it will impact the share performance in the stock market heavily. This together with the uncalled for rumours have pulled the JKH share down,” a senior JKH official, who didn’t want to he named, told The Sunday Times FT.
He rejected speculation that the company planned to pull out its buy back offer which was re-iterated in Wednesday’s announcement by the company. "We have received several inquiries as to whether JKH will pull out the share repurchase which was announced on September 25 by the company, but we are going ahead with it as announced on Wednesday," he added.

The offer period of the share repurchase is from November 4 to 18. The official said it is not necessary to get shareholder approval for the share buy back as it is on a pro-rata basis. "It is on a pro-rata basis of one share for each 25 shares held and we will be re-purchasing a maximum of 25.5 million ordinary shares," the official noted, adding that despite the price offered at (Rs. 90 per share) being way higher than the current price (at Rs. 65 levels), they still will be going ahead. The JKH share sank to Rs 64 during the week, more than 50 % down from Rs 130 a year ago in October 2007.

Top to the page  |  E-mail  |  views[1]
Other Financial Times Articles
LMSL-land clearly belonged to SLPA
Sampath says capital adequacy enough
EU probe begins on Lanka’s GSP+
JKH share falls on rumours, foreign selling
Best times still ahead for investors in capital markets
Crude oil hits lowest in two years
Hard times for coir workers
Garment crisis, JKH on the hop
Revival: “We can do it”- Meegoda
Global crisis will take a minimum of 12 to 15 months to stabilise
PBJ affidavit to be accepted once all letters are filed-Court
Adverse comments against judiciary may be to stifle its independence
Cargills using Jayasuriya to woo public support for its products
Brandix takes Gold at National Cleaner Production Awards
Domestic workers in local households push for rights
Regional business leaders to meet at BPA AGM
Chairman and CEO must be two separate posts
Sri Lankan psychologists come together to form asssociation
Commercial Bank in world’s top 1000 banks
BOI promoting regional development
Sri Lanka takes historic step in evidence through video conferencing
Seylan Merchant Leasing’s deposit base tops Rs 1.5 billion
Lower consumption of lubricants-Chevron Lanka
Voice-based phone directory from Suntel
Colombo, Gampaha and Kalutara most competitive Sri Lankan cities
58% of low grown teas unsold at auctions this week
HSBC unveils world’s longest golf cart
Garment factory closures points to unviable industry-report
Arab airlines urged to focus on efficiency
Abdul Rahims – 136 years of trading
Dave Ulrich’s ‘Future Proof Your HR’ draws crowds to Water’s Edge
Sparks fly at SPAACS launch
Harry J-controlled parties restricted to 10% on ComBank voting
Veteran insurance consultant urges Code of Conduct for insurance
Onus on defendant to begin case under Debt Recovery laws
Renton to spearhead World Bank tourism project
Lankan banker wins ‘Woman of the Year in Finance’
Minimum wage for workers under consideration – outgoing EFC Chairman
Financial scandals : Who takes responsibility?
ADB, Sri Lanka agree on partnership strategy
JKH: Treatment of LMSL Land
Sri Lankan Actuaries form professional body
US$150 mln rescue package to tackle loss of GSP+ benefit
Interest rates to come down
Security experts stress importance of private security agencies


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2008 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution