Ishara Traders exits Sathosa Motors as Access ups stake to near 80%

Long standing shareholder Ishara Traders-fame Raja Nanayakkara yesterday exited Sathosa Motors Plc for Rs. 235 million allowing the Sumal Perera-controlled Access Engineering to increase its stake to near 80%.

The specific block was 1.007 million shares amounting to 17% stake and done at Rs. 235 each, the same price at which Access Engineering’s pending mandatory offer following the near 60% stake bought last week from Itochu Japan for Rs. 846 million.
Overall 1.008 million shares of Sathosa Motors traded between a high of Rs. 235.90 and a low of Rs. 235 before closing at Rs. 235.10, up by 10 cents.

The quantity sold by R.M. Nanayakkkara was lower in comparison to 1.168 million shares of 19.36% stake on record as at 31 December 2011 at SML.
Nevertheless following the exit of Nanayakkara, believed to be midst enjoying hefty capital gain, the only big block remaining is that of Pinsiri Fernando, another longstanding shareholder controlling 13% stake. Despite overtures made Pinsiri is apparently remaining passionate about the SML stake.
Prior to yesterday’s purchase, Access Engineering, the Rs. 150 million IPO of which will have its official opening toady, said it had purchased 507 shares on 2 March thereby increasing its collective stake to 3.6 million shares or near 60%.