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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » More foreign takeovers in the offing

More foreign takeovers in the offing

3 posters

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1More foreign takeovers in the offing Empty More foreign takeovers in the offing Sun Jul 29, 2012 12:20 am

sriranga

sriranga
Co-Admin
Written by Dilina Kulathunga

Sri Lanka is expected to witness a major wave of mergers and acquisitions exceeding last years record value of US100 million mainly led by foreign investors in the second half of this year, investment bankers said.
“Currently there are several such deals under negotiation in tourism and financial services which probably be closed by end of the year said the CEO and co-founder of Frontier Capital Partners Limited, Nishan Sumanadeera.

He declined to name the companies involved due to the sensitive nature of the information but said that perhaps within the next three weeks the country would hear about a major transaction. “Sri Lanka is a country blessed with a strategic location and it is the very reason we have a competitive advantage over the peers in the region. So I think we can expect a new surge of mergers and takeovers in hub based businesses related to ports, airports, finance, shopping and tourism” he said.

Meanwhile the Vice President and Head of Capital Markets at NDB Investment Bank, Senaka Kekiriwaragoda expressing similar sentiments said that they were currently working on some deals which involve both the foreign and local buyers and opined positively on surpassing last year’s value.

According to Sumanadeera the foreign investors increasingly seek for acquisition opportunities via Colombo Stock Exchange (CSE) because they see the potential created by the depreciation of the rupee and the bearish sentiments. Therefore they are vying for acquisition opportunities in the local market which unfortunately the local investors fail to capitalize on, he said.

“Due to dull sentiments local investors don’t buy, whereas more financially savvy foreign counterparts make hay. Now they know this is the ideal time to buy when they have to pay 20% less mainly because of the rupee depreciation. So it is likely that we could see a new surge in cash rich foreigners seeking to capture relatively undervalued local companies,” he observed.

He said Chinese and Indian investors have been looking at opportunities in Sri Lankan companies for controlling stakes unlike Americans and the Europeans who only seek to make short term capital gains.

A report launched last week by Acuity Stockbrokers on economy and strategy titled ‘Lions Leads Frontier’ says Sri Lankan market equities provide higher diversification benefits due to the low correlation to major equity markets. Sri Lanka is less correlated to major global markets than most other competitor frontier markets whilst Sri Lanka also has a sound Price Earning ratio of 10.69 which makes the country attractive to most foreign equity investors, the report said,

However CEO of Acuity Stock Brokers Prashan Fernando said that although the time is ripe to buy, foreigners are yet to show sufficient enthusiasm for acquiring companies in a widespread way. He said there is a lot of room for both foreigners as well as locals citing the recent acquisitions of Delmege Forsyth Group by Dhammika Perera and George Steuart & Company Ltd. by Dilith Jyaweera. Foreign investments into CSE during the first six months of this year amounted to US dollars 23.2
billion.
http://www.nation.lk/edition/business/item/8703-more-foreign-takeovers-in-the-offing.html

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

2More foreign takeovers in the offing Empty Re: More foreign takeovers in the offing Sun Jul 29, 2012 12:30 am

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics

Can we start guessing what these companies are. Can lead to short term trade profit?


Also note:


Due to dull sentiments local investors don’t buy, whereas more financially savvy foreign counterparts make hay. Now they know this is the ideal time to buy when they have to pay 20% less mainly because of the rupee depreciation. So it is likely that we could see a new surge in cash rich foreigners seeking to capture relatively undervalued local companies,” he observed.

Sri Lanka also has a sound Price Earning ratio of 10.69 which makes the country attractive to most foreign equity investors, the report said,

3More foreign takeovers in the offing Empty Re: More foreign takeovers in the offing Fri Aug 03, 2012 3:12 pm

Jeremy

Jeremy
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Shaw Wallace agrees to sell its Kollupitiya land for Rs. 1.852 billion
http://www.news360.lk/business-finance/news-sri-lanka-03-08-2012-shaw-wallace-agrees-to-sell-its-kollupitiya-land-for-rs-1-852-billion-885643

Shaw Wallace and Hedges to sell its land in Kolluptiya

Shaw Wallace and Hedges PLC has agreed to sell its 264.65 perch land located in Kollupitiya to Avic International Hotel Lanka Limited for a sum of Rs. 1.852 billion.

Shaw Wallace says, the reason for the proposed sale is to finance the firms ongoing 30 storied development project in the adjoining land.

According to the stock market disclosure, the intention of the purchaser of the said land is to develop a mega hotel project.

The proposed sale is subjected to shareholder approval.

4More foreign takeovers in the offing Empty Re: More foreign takeovers in the offing Fri Aug 03, 2012 3:17 pm

Jeremy

Jeremy
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Singaporean Parkson buys Odel
Chinese company to buy Shaw Wallace Land
Asian Insurance giant AIA to buy Aviv NDB!!!!!

What's next???

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