Turnover on the Colombo bourse hit nearly Rs.1.7 billion yesterday with the JKH group buying out the Carsons stakes in Union Assurance PLC, Ceylon Cold Stores PLC and John Keells PLC at a consideration of nearly Rs.1.6 billion.

JKH announced that it had paid Rs.72 a share to take an additional 37% of Union Assurance, Rs.115 per share to boost its holding in Ceylon Cold Stores by 20.2% and at Rs.60 per share to increase its holding in John Keells PLC to 86.9%.

The cash rich conglomerate said it will be making a mandatory offer under the Securities & Exchange Commission’s Company Takeovers and Mergers Code for the remaining shares of Union Assurance where its holding after the buy out is up to 73.9%.

Ceylon Cold Stores was already a JKH subsidiary before yesterday’s acquisition which takes up the JKH holding to 80.5% of this old established company owning substantial real estate in the heart of Colombo.

Analysts noted that JKH paid an above market price to increase its hold on UAL, an associate company of both JKH and Carsons, with the insurance counter closing yesterday at Rs.68.50, up Rs.7.50 from the previous close, on over 14 million shares traded.

Brokers said that UAL traded yesterday at a low of Rs.61 and a high of Rs.72, the price JKH paid Carsons. After the deal, this share traded between Rs.65 and a top price of Rs.68.75, they said.

Cold Stores traded yesterday between Rs.90 and Rs.115 with two big parcels of nearly 2.6 million shares and 1.8 million shares concluded shortly after trading opened at the Rs.115 price. The share thereafter sold between Rs.90 and Rs.100 in small retail quantities.

John Keells PLC traded yesterday between Rs.60 and Rs.70 losing Rs.2.75 to close at Rs.66 with the big trade done in two parcels at a Rs.60 price. The counter which opened trading at Rs.70 and dropped to Rs.60 before the two big parcels were concluded thereafter picked up commanding prices rising to Rs.66 for small quantities.

Both indices were up, albeit marginally, yesterday with the All Share Price Index rising 8.72 points (0.51%%) and the Milanka 5.72 points (0.31%).

JKH closed flat at Rs.65.25 on nearly 0.3 million shares done between Rs.65.25 and Rs.67.50 while Commercial Bank gained a rupee to close at Rs.90 on nearly 0.1 million shares traded between Rs.89 and Rs.90.

Dialog closed flat at Rs.4.90 on a trading range of Rs.4.90 to Rs.5 on nearly 0.8 million shares while Carsons gained Rs.4.25 to close at Rs.125.75 on 15,600 shares done between Rs.124 and Rs.129.25.

Lanka Cement, a stock popular with retailers, closed flat at Rs.14 on a trading range of Rs.13.75 to Rs.14 on 0.1 million shares done yesterday.

Asian Alliance Insurance announced a final dividend of Rs.1.25 per share trading XD from March 27 with payment on April 2 subject to shareholder approval at the AGM.