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The buying spree at Colombo Bourse made the market bullish yesterday. The day's highlight was the John Keels Holdings Limited (JKH) purchasing of 10,256,600 shares amounting to 50.29% of Mercantile Leasing Limited (MLL) for a total consideration of Rs. 358,903,353/.

M.M. Udeshi was claimed to have sold the particular shares. MLL's principal activities are leasing, factoring and hire purchasing. It also owns and manages office premises.

This purchase is yet another step towards consolidating the Group's presence in the Financial Services Sector and will complement the existing Banking and Insurance businesses.

Mercahant Bank is also to pay off the preference shares and restructure the share capital to wipe off accumulated looses.

Market analysts said that Merchant Bank ordinary shareholders are to benefit from this move as ordinary shareholders are left with a large profit before the preference shares being wiped off.

The All Share Price Index increased to 1,402.76 points from 1,390.66 points on Tuesday and the Milanka Price Index jumping to 2,141.03 points from 2,112.95 points. The turnover for the day was Rs 955,951,740.

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