The Investor Sentiment - Equity and investments forum for Sri Lankans

Join the forum, it's quick and easy

The Investor Sentiment - Equity and investments forum for Sri Lankans
The Investor Sentiment - Equity and investments forum for Sri Lankans
Would you like to react to this message? Create an account in a few clicks or log in to continue.
Please send an email to contact.lankaninvestor@gmail.com if you face any technical difficulties when posting
Search
Display results as :
Advanced Search
Latest topics
CSE NEWS+ 2022Thu May 26, 2022 5:40 pmruwan326
Will CSE close for long period?Mon Apr 18, 2022 11:52 amHUNTER
Margin Trading Facility Fri Feb 18, 2022 12:02 pmpjrngroup
Disclaimer


Information posted in this forum are entirely of the respective members' personal views. The views posted on this open online forum of contributors do not constitute a recommendation buy or sell. The site nor the connected parties will be responsible for the posts posted on the forum and will take best possible action to remove any unlawful or inappropriate posts.
All rights to articles of value authored by members posted on the forum belong to the respective authors. Re-using without the consent of the authors is prohibited. Due credit with links to original source should be given when quoting content from the forum.
This is an educational portal and not one that gives recommendations. Please obtain investment advises from a Registered Investment Advisor through a stock broker

Go down
The Invisible
The Invisible
Posts : 3116
Join date : 2016-11-28
Age : 42

Chemanex Empty Chemanex

Wed Aug 07, 2019 6:40 am
Chemanex sells Commercial Insurance Brokers for Rs.250mn

ECONOMYNEXT- Chemicals manufacturer Chemanex Plc said that it has completed the sale of Commercial Insurance Brokers (Pvt) Ltd to Commercial Bank of Ceylon Plc for 250 million rupees.



The sale will add 157 million rupees to the group level profits of Chemanex, the firm said in a stock exchange filing on Monday evening.



After the sale, the Chemanex share was trading 5.90 rupees up at 63.90 rupees on Tuesday afternoon.



On Monday, the chemical maker had also said that its profits for the June quarter fell 75 percent from a year earlier to 14.3 million rupees, amid falling sales.



Chemanex had owned 239,999 shares in Commercial Insurance Brokers, signifying a 40 percent shareholding. The entire stake was sold.



Commercial Bank had owned 18.48 percent of the insurance brokerage's shares according to the bank's annual report for 2018.



The bank had been managing Commercial Insurance Brokers.



Chemanex, a subsidiary of CIC Holdings Plc, produces inks, packaging material and chemicals for both industrial and consumer use. (Colombo/Aug06/2019)
Back to top
Permissions in this forum:
You cannot reply to topics in this forum