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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » 18MN crossing booms the turnover today

18MN crossing booms the turnover today

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118MN crossing booms the turnover today Empty 18MN crossing booms the turnover today Tue Feb 28, 2012 12:28 pm

opfdo

opfdo
Vice President - Equity Analytics
Vice President - Equity Analytics
who would be. crossing went 115/-

218MN crossing booms the turnover today Empty Re: 18MN crossing booms the turnover today Tue Feb 28, 2012 12:29 pm

opfdo

opfdo
Vice President - Equity Analytics
Vice President - Equity Analytics
again 26mn

318MN crossing booms the turnover today Empty Re: 18MN crossing booms the turnover today Tue Feb 28, 2012 12:31 pm

Leo

Leo
Manager - Equity Analytics
Manager - Equity Analytics
wow. who could be?

418MN crossing booms the turnover today Empty Re: 18MN crossing booms the turnover today Tue Feb 28, 2012 12:36 pm

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
SLIC General Fund 26,032,575
SLIC Life Fund 18,000,000 as at 31.12.2011

518MN crossing booms the turnover today Empty Re: 18MN crossing booms the turnover today Tue Feb 28, 2012 12:38 pm

chamith

chamith
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
18MN crossing booms the turnover today Captur33



Last edited by chamith on Tue Feb 28, 2012 12:40 pm; edited 1 time in total

618MN crossing booms the turnover today Empty Re: 18MN crossing booms the turnover today Tue Feb 28, 2012 12:39 pm

rijayasooriya

rijayasooriya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
SPEN :- 44,032,575mn of shares at price of 115=Rs5,063,746,048/=

718MN crossing booms the turnover today Empty Re: 18MN crossing booms the turnover today Tue Feb 28, 2012 12:41 pm

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
If the SLIC able to find a buyer either Foreigner or 3rd party local then can consider as a real turnover.

818MN crossing booms the turnover today Empty Re: 18MN crossing booms the turnover today Tue Feb 28, 2012 12:44 pm

greedy

greedy
Manager - Equity Analytics
Manager - Equity Analytics
Mandatory offer price is 112.83 by Melstacorp! Interestingly traded at 115.00. Could it be MELSTACORP buying at 115 Or some foreign funds?

918MN crossing booms the turnover today Empty Re: 18MN crossing booms the turnover today Tue Feb 28, 2012 12:45 pm

Trend


Senior Equity Analytic
Senior Equity Analytic
Its a foreign buyer. Source- capital trust

1018MN crossing booms the turnover today Empty Re: 18MN crossing booms the turnover today Tue Feb 28, 2012 12:46 pm

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
@greedy wrote:Mandatory offer price is 112.83 by Melstacorp! Interestingly traded at 115.00. Could it be MELSTACORP buying at 115 Or some foreign funds?

I also in the idea that i could be bought by Melstacorp from SLIC, if its a foreign fund then it will be interested to watch. 10% of the Spence Capital

1118MN crossing booms the turnover today Empty Re: 18MN crossing booms the turnover today Tue Feb 28, 2012 1:15 pm

greedy

greedy
Manager - Equity Analytics
Manager - Equity Analytics
@Gaja wrote:
@greedy wrote:Mandatory offer price is 112.83 by Melstacorp! Interestingly traded at 115.00. Could it be MELSTACORP buying at 115 Or some foreign funds?

I also in the idea that i could be bought by Melstacorp from SLIC, if its a foreign fund then it will be interested to watch. 10% of the Spence Capital

Foreign Buy does not mean Foreign Fund... coz I think HJ has companies registered in BVI. Am I correct?

1218MN crossing booms the turnover today Empty Re: 18MN crossing booms the turnover today Tue Feb 28, 2012 1:40 pm

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
@greedy wrote:
@Gaja wrote:
@greedy wrote:Mandatory offer price is 112.83 by Melstacorp! Interestingly traded at 115.00. Could it be MELSTACORP buying at 115 Or some foreign funds?

I also in the idea that i could be bought by Melstacorp from SLIC, if its a foreign fund then it will be interested to watch. 10% of the Spence Capital

Foreign Buy does not mean Foreign Fund... coz I think HJ has companies registered in BVI. Am I correct?

Yes all the major companies have companies have registered companies outside Sri Lanka!

sriranga

sriranga
Co-Admin
Feb 28, 2012 (LBO) - Melstacorp Limited, a unit of Distilleries Corporation of Sri Lanka, has bought a 10.8 percent stake in Aitken Spence from state-run Sri Lanka Insurance Corporation, sources close to the deal said.

The 5.0 billion rupee deal went through two off market transactions 2.99 billion rupees and 2.07 billion rupees at 115 rupees.
Melstacorp has already made an offer to buyout other shareholders after triggering a 30 percent ownership threshold in Aitken Spence.

Brokers say the latest purchase will push up offer price which was at 112.83 to 115 rupees.
http://www.lbo.lk/fullstory.php?nid=787293325

http://sharemarket-srilanka.blogspot.co.uk/

1418MN crossing booms the turnover today Empty Re: 18MN crossing booms the turnover today Tue Feb 28, 2012 2:03 pm

raa


Manager - Equity Analytics
Manager - Equity Analytics
SLIC is exiting the market?

1518MN crossing booms the turnover today Empty Re: 18MN crossing booms the turnover today Tue Feb 28, 2012 2:13 pm

sapumal


Vice President - Equity Analytics
Vice President - Equity Analytics
Will this purchasing lead to another mandatory offer ?

1618MN crossing booms the turnover today Empty Re: 18MN crossing booms the turnover today Tue Feb 28, 2012 2:50 pm

greedy

greedy
Manager - Equity Analytics
Manager - Equity Analytics
SLIC's profit from the deal.....

Sale Proceeds for 44,032,575 shares LKR5,064mn
Cost of investment LKR4,631mn
Profit from the Investment LKR433mn

That is a 9.35% return on cost....

If we look at the individually; I mean LIFE and General

LIFE Fund

Sale Proceeds from 18,000,000 Shares LKR2,070mn
Cost of Investment LKR4,161mn
Loss from the Disposal (LKR2,091mn)

General

Sale Proceeds from 26,032,575 shares LKR2,994mn
Cost of investment LKR469mn
Profit from the disposal LKR2,525mn


SLIC General had 2,935,505 shares at a cost of LKR794mn. During 2010 after the share split there holding changed to 44,032,575. Out of this 44mn shares, 18 mn shares have been transferred to SLIC LIFE in 2010 at a cost of LKR4,161mn...

Therefore it appears SLIC LIFE had a bad loss from this deal.

Any comments???

1718MN crossing booms the turnover today Empty Re: 18MN crossing booms the turnover today Tue Feb 28, 2012 2:53 pm

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
@sapumal wrote:Will this purchasing lead to another mandatory offer ?

I don't think so, but the existing mandatory offer price will go up if i am not mistaken

1818MN crossing booms the turnover today Empty Re: 18MN crossing booms the turnover today Tue Feb 28, 2012 2:58 pm

WildBear


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@greedy wrote:SLIC's profit from the deal.....

Sale Proceeds for 44,032,575 shares LKR5,064mn
Cost of investment LKR4,631mn
Profit from the Investment LKR433mn

That is a 9.35% return on cost....

If we look at the individually; I mean LIFE and General

LIFE Fund

Sale Proceeds from 18,000,000 Shares LKR2,070mn
Cost of Investment LKR4,161mn
Loss from the Disposal (LKR2,091mn)

General

Sale Proceeds from 26,032,575 shares LKR2,994mn
Cost of investment LKR469mn
Profit from the disposal LKR2,525mn


SLIC General had 2,935,505 shares at a cost of LKR794mn. During 2010 after the share split there holding changed to 44,032,575. Out of this 44mn shares, 18 mn shares have been transferred to SLIC LIFE in 2010 at a cost of LKR4,161mn...

Therefore it appears SLIC LIFE had a bad loss from this deal.

Any comments???

Once the public was questioning the state funds(EPF,ETF,SLIC) purchase of overvalued stocks like SPEN,BLUE,TESS,LGL , State fund guru's and some other gurus were arguing that those investments were meant for long term and hence no much implication of market price fluctuation in short run, which is of cause a valid argument. But again transaction like this is not on par with their preach above. How can they explain this transaction. Did the fund managers get some tips from Harry J ? Evil or Very Mad

1918MN crossing booms the turnover today Empty Re: 18MN crossing booms the turnover today Tue Feb 28, 2012 2:59 pm

greedy

greedy
Manager - Equity Analytics
Manager - Equity Analytics
However, the initial cost of investment for 2,935,505 shares is LKR794mn (as per 2009 annual report). therefore total profit on the deal for SLIC is LKR4,270 (LKR5064mn-LKR794mn) = LKR4,270mn. I guess part of the profit booked in 2010 when they transferred 18mn shares to SLIC LIFE.


2018MN crossing booms the turnover today Empty Re: 18MN crossing booms the turnover today Tue Feb 28, 2012 3:16 pm

greedy

greedy
Manager - Equity Analytics
Manager - Equity Analytics
Refer the below link for SLIC LIFE's Purchase from the SLIC General 2010.

In an in-house deal Sri Lanka Insurance Corporation’s (SLIC) Life Fund yesterday bought a 4.4% stake in Aitken Spence Plc for Rs. 4.1 billion from the General Fund.

http://www.ft.lk/2010/10/11/sri-lanka-insurance-life-fund-buys-4-4-spence-stake-from-general-fund-for-rs-4-b/

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