Despite large shareholders saying they will not part with their holding at Chemical Industries Company (CIC), large parcels were seen changing hands during the last few days.

Paints and General Industries (PGI) main shareholders, the Captains’ family said they will not sell their stake in despite rumours that an overseas buyer is eyeing a sizeable stake in the company.

"I am not selling my shares in CIC," Rusi Captain, Director, PGI told The Sunday Times FT. But strong rumours were circulating in the stock market during the past week about an overseas investor, likely Alex Lovell, (who introduced the the Gulf based Al Futtaim Group to Associated Motorways recently and has invested in Union Bank) eyeing a sizeable stake in CIC.

On August 18, nearly 1.2 million shares crossed while on August 21 nearly a half a million parcel crossed. On 26th of the same month 967,000 shares changed hands while on August 29 there was a crossing of 1.4 million shares.

PGI has 55 % in CIC. Stock brokers said that fairly large parcels were changing hands during the last few days. "I am unaware of any overseas buyer interested in CIC," B.R.L. Fernando, CIC Chairman CIC said.