Finlays Colombo PLC’s (Finlays) parent, James Finlay Limited UK is bullish on Sri Lanka and has increased its stake in the company and now probably controls it entirely, market sources said.
The UK parent stake has gone up sharply and being upped this week with two separate purchases of 2.91% on Monday and 7.8% on Friday, taking it to 96.53% control.
“They’re bullish on Sri Lanka – they are also happy about the peace situation in the country,” one market source said.
In an April interview with the Business Times, Company chairman Kumar Jayasuriya said with the war ending, there are opportunities for starting smaller warehouses across the country given that the company runs South Asia’s largest, temperate-controlled warehouse.
T. Al Nakib, a high network investor from the Middle East who is resident in Colombo, was said to be the seller of Friday’s stake.