Nimal Perera sells part of Spence stake in 3Q20

Stock market investor and Chairman Arimak Nimal Perera has sold a part of his holding at Aitken Spence PLC during 3Q2020, data shows.

He owned 1,457,397 shares (0.36 per cent) as at last December - down from 4,200,110 shares as at September of that same year. He entered the company’s top 20 shareholders in 1Q19 with 2.1 million shares.

However Mr. Perera has increased his stake in Spence subsidiary, Aitken Spence Hotel Holdings PLC in 1Q20, according to latest data. The acquisitions are via his fully-owned venture capital and private equity firm NP Capital.

Mr. Perera also shed John Keells Hotels PLC in 2Q19. At the time the 15th largest shareholder, he had a 0.14 per cent stake in the company.

T. Senthilverl, another high profile investor entered the top 20 shareholders of Aitken Spence PLC during 3Q20 with 1,350,663 shares as at last December.

The EPF remains the largest minority shareholder of Aitken Spence PLC with a 5.1 per cent stake; Bank of Ceylon, ETF and the National Savings Bank also remain among top 20 Aitken Spence PLC shareholders.

Aitken Spence PLC net profits for 3QFY20 declined considerably by 44.8 per cent year on year (YoY) to Rs. 978.2 million driven by poor operating performance in addition to significantly higher finance costs, analysts said.

Most noticeable declines in operating margins were noted in the tourism segment which was down to 11.9 per cent (as against 14.9 per cent last year) and strategic investments was down to 10.2 per cent (as against 24.2 per cent last year), they said. The dip in operating income which was down to 25.2 per cent YoY saw lower operating margins of 14 per cent for the period led mainly by the increase in depreciation expenses ( up by 53.2 per cent YoY) alongside higher employee benefit expenses which was up 10.2 per cent YoY.