First State Investments amongst JKH buyers since April
View(s):John Keells Holdings PLC (JKH) is the first listed firm to dispose shares of its subsidiary Union Assurance PLC (UAL) after the ‘Minimum Public Holding’ rule was brought in last month with firmer directions as a continuous listing requirement.
As per the directive issued by the Securities and Exchange Commission (SEC) on this rule, Whittall Boustead (Pvt) Ltd, a subsidiary of JKH, disposed 65,001 ordinary shares of UAL on June 19 at Rs. 152 per share, towards meeting this directive, the company said in an announcement to the Colombo Stock Exchange. As at March 2017, JKH owned 86.51 per cent in UAL.
JKH saw First State Investments, an investment group with interests in London and Singapore, among its buyers since April 2017. They’re also featured as major shareholders of Dialog Axiata and Commercial Bank as at 31 March this year.
They operate autonomously and manage funds on behalf of clients in Asia Pacific, emerging markets, worldwide and sustainable development equity investment strategies.
On the back of planned outlet expansion and higher customer footfall, analysts say JKH’s profits will come from consumer foods and retail sectors in this quarter.
Its subsidiary Ceylon Cold Stores (CCS) will spend Rs. 6.3 billion on a new ice cream and a bottling plant, with a further Rs. 3.2 billion on a distribution centre for the supermarkets. CCS is also looking at a major expansion of 40 outlets each which are planned to be opened in FY 2018E and FY 2019E.