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Janashakthi Insurance share purchase creating strategic synergies


Dec 28, 2023

Janashakthi Insurance PLC has purchased a 25 percent stake in First Capital Holdings PLC from Janashakthi Limited for Rs 3,754,586,743, company sources said.

“Janashakthi Insurance has purchased 101,201,799 ordinary shares at a price of Rs 37.10 per share representing a stake of 25 percent of the issued shares of First Capital Holdings PLC (FCH), the company said in a CSE statement.

“This transaction creates strategic synergies for both Janashakthi Insurance PLC and First Capital Holdings, sources said.

Amid those developments the stock market indicated a dull sentiment due to lower local and foreign investor participation owing to the festive season.

Consequently, both indices indicated mixed reactions. All Share Price Index went down by 0.44 points and S and P SL20 rose by 13.47 points. Turnover stood at Rs 1 billion with one crossing. The crossing was reported in LOLC General Insurance, which crossed 87 million shares to the tune of Rs 690 million; its shares traded at Rs 8.

In the retail market top seven companies that contributed to the turnover were; Tokyo Cement (Non- Voting) Rs 35.4 million (1 million shares traded), Melstcape Rs 34.7 million (410,000 shares traded), Access Engineering Rs 26.1 million (1.3 million shares traded), JKH Rs 24.9 million (130,000 shares traded), LOLC General Insurance Rs 24 million (3.5 million shares traded),

Expolanka Holdings Rs 21.6 million (149,000 shares traded) and Associated Motor Finance Rs 20.5 million (1.3 million shares traded). During the day 112 million share volumes changed hands in 6700 transactions.

The rupee opened at Rs 323.00/85 to the US dollar on Monday, from 325.25/45 on Friday, dealers said.

Bond yields were broadly stable. A bond maturing on 01.06.2025 was quoted stable at 13.50/65 percent. A bond maturing on 01.08.2026 was quoted at 13.75/85 percent, down from 13.80/90 percent.

A bond maturing on 15.01.2027 was quoted stable at 13.75/85 percent. A bond maturing on 01.07.2028 was quoted at 14.10/20 percent up from 14.05/15 percent.

A bond maturing on 15.05.2030 was quoted at 14.00/20 percent, from 14.05/20 percent. A bond maturing on 01.07.2032 was quoted at 14.10/25 percent, from 14.10/30 percent.

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