AMW deal shakes the Colombo bourse

Colombo stocks saw its indices on the rise in morning trades today after the Associated Motorways Ltd, (AMW) controlling stake (held by Associated Electrical Company (AEC)) and the John Keells Holdings (JKH) 20 percent stake in AMW were both sold to to Dubai based Al-Futtaim Engineering, stock brokers said.

This came back on the negative market activity seen during most of last week dragged by JKH which was slammed by the Supreme Court over the privatisation of Lanka Marine Services (LMSL). The land and most assets wered ordered to be returned to the state. The All Share Index was up by 16.18 points to stand at 2,386.71 while the Milanka dropped by 19.95 points to stand at 2,833.12. Total turnover stood at Rs.7.59 billion.