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Foreign Funds Exit, Esufally Brothers Buy In
Posted 14,September

By Chaveendra Dunuwille

In Local News

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Foreign Investors LF Ruffer Pacific and Emerging Markets Fund which held 10 million shares of Hemas Holdings as of the 30th of June have sold their stake in the company in a deal worth LKR 720 million.

The shares were purchased by the Esufally family where the four brothers purchased 2.5 million shares each for the price of LKR 72 per share. The brothers collectively own a 61% stake in Hemas Holdings. The company saw 10.7 million shares change hands in over 375 trades for the price of LKR 772 million. The share price at day’s end was LKR 70, a decrease of 60 cents.

Macro rather than corporate reasons have been cited as the main cause for foreign funds relinquishing their claim to Hemas stock. The week which ended by the 3rd of September, 2021 saw First State-Steward Fund shed 17 million Hemas shares reducing their stake from 3% to 1%. The week collectively saw 22.16 million shares change hands for LKR 1.56 billion.

The recently released Hemas shares have been mostly claimed by High Net worth Investors such as Nimal Perera, Huzaifa Abdulhusein, and Imtiaz Buhardeen. Institutions such as First Capital and Carson Cumberbatch have also joined in on the purchase