DailyMirror.lk:
Depite the lackluster market sentiments prevailed yesterday, state-run pension fund, Employee Provident Fund (EPF) has increased its stake in Richard Peiris (RICH), buying a further 1.43 million shares at Rs.14 per share.
Back in February, Mirror Business reported that EPF purchased 93.4 million shares that represented 4.8% of the issued and paid up capital of the company, according to interim reports filed to the Stock Exchange for the nine months ended December 31, 2010.
Meanwhile, industry sources said, EPF is further anticipating to buy Richard Peiris shares in coming months.
The Central Bank recently revealed that EPF has reached the Rs.900 billion mark and EPF had invested Rs. 32 billion in the equity market of Sri Lanka which recorded substantial gains. It further said that EPF’s key focus was on fundamentally sound stocks in the banking, finance and insurance, hotel, travel and diversified sectors.
Since early 2009 that EPF had largely pumped in money to buy considerable stakes in country’s leading businesses such as Commercial Bank PLC, Hatton National Bank, Galadari Hotel, Colombo Dock Yard PLC, John Keells Holdings PLC, Laugfs Gas, Richard Peiris PLC and Cargills Ceylon PLC and many more.
With improved returns from plantations and retails, RICH’s net profit rose 60% to Rs.641 million for the December quarter, compared with the same period of the 2009.
EPF further ups stake in RICH
The Earnings per Share for the period had recorded Rs.0.3 whilst the cumulative net profit for the nine months ended December 31 also rose to Rs.1.35 billion, compared to 2009.
Although rubber prices tumbled recently, Richard Peiris-run plantations has earned the company Rs.6.5 billion during the nine months ended December 2011 against the Rs.5 billion during the same period last year, while retail operations reported a gross turnover of Rs. 8 billion, up from Rs.1 billion adding a stockbroking arm, and announced its plans to re-enter the financial services sector again.