Electronic media mogul Rayynor Silva further expanded his holdings in Sri Lanka’s diversified blue-chip company, Hayleys PLC, by purchasing an additional 5 million shares yesterday (June 11th, 2024) for Rs. 525 million.
This acquisition brings Rayynor’s total stake in Hayleys PLC to 20.1 million shares, representing 2.6% ownership. This significant purchase elevates him to the position of the second largest individual shareholder in the company, surpassing the D.S. Jayasundera Trust (11.6% stake) and trailing only Dhammika Perera, the majority shareholder with a controlling 51% stake (382.6 million shares).
Hayleys PLC saw a total of 10 million shares traded yesterday, amounting to Rs. 1 billion. A separate crossing transaction facilitated the exchange of 6.7 million shares at Rs. 105 per share. The stock closed the day at Rs. 105.25, reflecting a Rs. 5 or 5% increase.
Speculation suggests that other high net-worth investors, including Aravinda de Silva and Ajith Devasurendra, were also part of the buying spree. Additionally, a foreign fund contributed to the Rs. 57.8 million net foreign inflow witnessed yesterday. The biggest seller is believed to be M.N. Deen, who previously held 5 million shares and ranked as the eighth largest shareholder as of March 31st, 2024.
This latest acquisition follows Rayynor’s previous purchase of 2 million Hayleys shares in May at a price range of Rs. 92-94 each. This aggressive buying spree within the last few months has solidified Rayynor’s position as a major stakeholder in Hayleys PLC.