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08 March, 2013 10:14 AM Source: Financial Times - Sri Lanka

German and Dutch funds yesterday boosted the Colombo stock market as well as the financial services industry when they invested Rs. 1.8 billion to acquire a strategic collective stake of 38% in Asian Alliance Insurance Plc for Rs. 1.8 billion.

The stake amounting to 14.25 million shares were sold by Softlogic Holdings Plc and Softlogic Capital Plc at Rs. 128 per share to Deutsche Investititions-Und Entwicklungsgesellschaft (DEG), and Nederlandse Financierings Maatschappij Voor Ontwikkelinhslanden NV (FMO).

The deal was first inked and announced in December last year subject to certain conditions being duly fulfilled.
Selling broker was NDB Stockbrokers whilst buying brokers to the deal were Acuity Stockbrokers (DEG) and John Keells Stock Brokers. (FMO)

Analysts noted the investment and resultant confidence by the two European financing agencies augured well for the stock market as well as the overall financial services industry, including insurance.Inclusive of the mega deal, the Colombo Bourse enjoyed Rs. 2.1 billion net inflow, bringing the year-to-date figure to Rs. 2.4 billion, according to Softlogic Stockbrokers.

NDB Stockbrokers said foreign interest was also seen in Cargills Ceylon while the market strengthened further on interest witnessed in banking sector counters such as Hatton National Bank non-voting and Commercial Bank non-voting.

Foreign buying, as well as relatively better local investor sentiments, boosted the stock indices which had its intra-day dips too, whilst turnover amounted to Rs. 2.5 billion..

Ceylon Tobacco Company (+19.4%), Nestle Lanka (+3.5%) and Carsons Cumberbatch (+2.3%) weighted heavily on the index performance. More...

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