PCH Holdings’ 58 mln shares sold on the back of margin calls
View(s):Some 58 million shares in PCH Holdings Plc (PCH) was traded in three blocks on Friday, with stock market sources saying that this is the second time broking firm, LOLC Stockbrokers had ‘force-sold’ shares in PCH firms in two weeks.
Chairman S.H.M. Rishan recently wrote to the Securities and Exchange Commission (SEC) complaining that British American Technologies Ltd (BAT) acquisition of 24 per cent stake or 24.4 million shares at Rs. 1.50 per share in PCH subsidiary, PC Pharma Plc, was unethical, sources said.
As at Friday, it was unclear who had bought the 58 million shares. The PCH group has gone through troubled times recently with the share price crashing.
Mr. Rishan in a letter through his lawyers to the SEC has said that despite him already having a buyer at a better price, PC Pharma’s 24 per cent stake was sold at a lower amount to BAT. Original stake of PCH Holdings Plc., was 51.6 per cent whilst Mr. Rishan held 35 per cent stake as at 31 March 2013.
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