Following delisting move, Unisyst Engineering launches share buy-back initiative

By Hiran H.Senewiratne

Hayleys Group’s Unisyst Engineering PLC, which announced it would be delisting from the CSE last month, has submitted an offer letter to shareholders to buy back shares at Rs 6 per share.

“Exit Offer of Rs 6 per share has been made by Advantis Projects & Engineering (Private) Limited (“Majority Shareholder”) to the rest of the shareholders of Unisyst Engineering PLC (the “Company”), who may wish to sell their shares in the Company, the Hayleys Group said in a stock exchange filing.

The acceptance of the exit offer will commence at 9 am on May 28, 2024 and close at 1.30 pm on June 26, 2024, Hayleys said. Formerly Alufab PLC, Unisyst Engineering is an aluminium supplier in Sri Lanka.

Yesterday both indices moved downwards. The All Share Price Index went down by 37.52 points, while S and P SL20 declined by 14.48 points. Turnover stood at Rs 494 million sans any crossings.

In the retail market, the top seven companies that mainly contributed to the turnover were; Browns Investments Rs 41.6 million (6.4 million shares traded), Pan Asia Bank Rs 22.6 million (1 million shares traded), LB Finance Rs 21.8 million (309.000 shares traded), Nation People’s Leasings Rs 19.8 million (1.6 million shares traded), JKH Rs 16.6 million (79000 shares traded), Capital Alliance Rs 14.6 million (285,000 shares traded) and NDB Rs 13.3 million (169,000 shares traded). During the day 50.1 million share volumes changed hands in 8000 transactions.

Yesterday the rupee depreciated slightly to open at Rs 300.15/50 to the US dollar from Rs 300.10/30 the previous week before the long weekend, dealers said. Bond yields were down. A bond maturing on 15.12.2026 was quoted down at 9.85/95 percent from 9.85/10.00 percent. A bond maturing on 15.09.2027 was quoted down at 10.25/35 percent from 10.25/40 percent. A bond maturing on 01.07.2028 was quoted down at 10.65/80 percent from 10.70/80 percent.