FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.
FINANCIAL CHRONICLE™

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka

Click Link to get instant AI answers to all business queries.
Click Link to find latest Economic Outlook of Sri Lanka
Click Link to view latest Research and Analysis of the key Sectors and Industries of Sri Lanka
Worried about Paying Taxes? Click Link to find answers to all your Tax related matters
Do you have a legal issues? Find instant answers to all Sri Lanka Legal queries. Click Link
Latest images

Latest topics

» Latest Financial Status and Future Outlook of SMB Finance PLC
by ChatGPT Yesterday at 11:15 pm

» Latest Financial Status and Future Outlook of Overseas Realty PLC
by ChatGPT Yesterday at 11:00 pm

» Latest Financial Status and Future Outlook of Merchant Bank of Sri Lanka & Finance PLC
by ChatGPT Yesterday at 10:55 pm

» McDonald’s අපේ නෙමෙයි අපේ බෝස්ගේ – අබාන්ස් කියයි
by ChooBoy Yesterday at 10:19 am

» AI Assistance for Stock Market Research and Analysis
by ChatGPT Yesterday at 7:12 am

» Comparative Analysis of the Insurance Sector
by God Father Tue Mar 26, 2024 11:46 pm

» Sri Lanka: Why Pay Exorbitant Taxes?
by ChatGPT Tue Mar 26, 2024 10:52 pm

» LANKA CREDIT AND BUSINESS FINANCE PLC (LCBF.N0000)
by K.R Tue Mar 26, 2024 3:15 pm

» CENTRAL INDUSTRIES PLC (CIND.N0000)
by D.G.Dayaratne Tue Mar 26, 2024 9:11 am

» SIYAPATHA FINANACE PLC (SLFL.N0000)
by ChatGPT Tue Mar 26, 2024 7:58 am

» FINANCE AND LEASING SECTOR
by ChatGPT Mon Mar 25, 2024 6:45 am

» LOLC FINANCE PLC (LOFC.N0000)
by ChatGPT Mon Mar 25, 2024 6:36 am

» CIC HOLDINGS PLC (CIC.N0000)
by ChatGPT Mon Mar 25, 2024 6:18 am

» UNION ASSURANCE PLC (UAL.N0000)
by ChatGPT Mon Mar 25, 2024 6:15 am

» First Capital Holdings PLC: Current Financial performance and future outlook
by God Father Sun Mar 24, 2024 10:58 pm

» LankaBizz: Sri Lanka's First ever Artificially Intelligent (AI) Business and Research Assistant
by God Father Sun Mar 24, 2024 7:27 am

» HOTEL AND TRAVEL SECTOR
by ErangaDS Wed Mar 20, 2024 7:22 am

» CIC Holdings Good Times Ahead
by ashan silva Mon Mar 18, 2024 11:00 am

» EPF Fund keep eye on low P/E Shares
by K.R Mon Mar 18, 2024 8:45 am

» SINS - the Tailwind effects of a crisis hit Economy
by Hawk Eye Mon Mar 18, 2024 8:37 am

» Ceylon cold stores
by Hawk Eye Mon Mar 18, 2024 8:25 am

» Asha securities Provide buy signal for CIC
by ddrperera Fri Mar 15, 2024 1:10 am

» CSE ready for another Downtrend?
by D.G.Dayaratne Thu Mar 14, 2024 11:24 am

» LankaLAW Forum : Sri Lanka’s #1 Discussion Platform for Legal Questions and Answers
by blindhog Thu Mar 14, 2024 9:14 am

» Sri Lanka poised to benefit from demand surge for ‘non-China origin’ graphite
by samaritan Wed Mar 13, 2024 1:31 pm

LISTED COMPANIES

Submit Post
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer



EXPERT CHRONICLE™

ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)



CHRONICLE™ YouTube

Disclaimer
FINANCIAL CHRONICLE™ Disclaimer

The information contained in this FINANCIAL CHRONICLE™ have been submitted by third parties directly without any verification by us. The information available in this forum is not researched or purported to be complete description of the subject matter referred to herein. We do not under any circumstances whatsoever guarantee the accuracy and completeness information contained herein. FINANCIAL CHRONICLE™ its blogs, forums, domains, subdomains and/or its affiliates and/or its web masters, administrators or moderators shall not in any way be responsible or liable for loss or damage which any person or party may sustain or incur by relying on the contents of this report and acting directly or indirectly in any manner whatsoever. Trading or investing in stocks & commodities is a high risk activity. Any action you choose to take in the markets is totally your own responsibility, FINANCIAL CHRONICLE™ blogs, forums, domains, subdomains and/or its affiliates and/or its web masters, administrators or moderators shall not be liable for any, direct or indirect, consequential or incidental damages or loss arising out of the use of this information. The information on this website is neither an offer to sell nor solicitation to buy any of the securities mentioned herein. The writers may or may not be trading in the securities mentioned.

Further the writers and users shall not induce or attempt to induce another person to trade in securities using this platform (a) by making or publishing any statement or by making any forecast that he knows to be misleading, false or deceptive; (b) by any dishonest concealment of material facts; (c) by the reckless making or publishing, dishonestly or otherwise of any statement or forecast that is misleading, false or deceptive; or (d) by recording or storing in, or by means of, any mechanical, electronic or other device, information that he knows to be false or misleading in a material particular. Any action writers and users take in respect of (a),(b),(c) and (d) above shall be their own responsibility, FINANCIAL CHRONICLE™ its blogs, forums, domains, subdomains and/or its affiliates and/or its web masters, administrators or moderators shall not be liable for any, direct or indirect, consequential or incidental violation of securities laws of any country, damages or loss arising out of the use of this information.


AI Live Chat

You are not connected. Please login or register

"Good meeting’’ between PBJ, SEC commissioners and CSE directors Odel deal seen to send positive signals to market

5 posters

Go down  Message [Page 1 of 1]

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Odel deal seen to send positive signals to market

The meeting last week between the directors of the Securities and Exchange Commission (SEC) and the Colombo Stock Exchange (CSE) was described by participants as a ``very good’’ with some holding the view that it was better than the previous encounter with the president.

"Dr. Jayasundera was very clear that it was necessary to be flexible and revive the market,’’ one participant said.

"CSE Chairman Krishan Balendra made the point that while there was a net foreign outflow in 2010 and 2011 (when the Colombo market boomed), there has been an inflow of Rs. 24 billion up to now this year without taking into account the money that’s coming in with the agreement with Odel executed,’’ he said.

Analysts believe that with the steep correction in recent weeks, pricing appear attractive particularly for long term investors with foreign investors having a further advantage of the rupee depreciation. But they were not ready to take a call on whether Friday’s turnaround was a clear signal that the worst days are past.

"We must wait and see,’’ they said.

Dr. Jayasundera had told the SEC that all ongoing investigations should be quickly brought to a conclusion and had advised that it must always be in mind that we are yet an emerging market and the best international practices cannot be imposed overnight in such a context.

The share sale and purchase agreement between the major shareholders of Odel and Parkson Retail Asia Ltd. under which Parkson will take 41.82% of the Lankan company from its founder, Otara Gunawardene and her brothers, Ajith and Ruchi, at slightly over Rs. 1.42 billion was described by analysts as a strong signal on the country’s investment potential.

Otara, while selling down her controlling stake will retain 27.88% of the company and continue to be its CEO. Also, there will be a one for one rights priced at Rs. 20 per share following the transfer of the shares that will infuse nearly Rs. 2.9 billion into the company for its ``future investment in retail spaces.’’

The deal will trigger a mandatory offer which the principal shareholders will not take. They have undertaken to take up their full rights entitlements.

A well informed business leader indicated that a USD 10 to 11 million price for 42% of the country’s best known clothing retailer was a good price for the buyer who is already big in Malaysia where it has 38 stores, in Vietnam with eight stores and eight stores in Indonesia totaling 44 department stores.

The Parkson Retail Group Ltd. is listed in Hong Kong and operates 46 owned and six managed stores covering 31 major cities in China.

Asked whether a market Sri Lanka’s size, with a population of 21 million, had potential for a company like Parkson, he said: ``they started in Malaysia with a population of 28 million. They could reasonably expect greater prosperity here in the medium term.’’

Odel which began with a single store on Dickman’s Road in 1990 has grown into 15 stores with its flagship store at Alexandra Pace. The company posted sales of Rs. 3.8 billion and profit before tax of Rs. 264 million in the year ending March 31, 2012.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=57905

Vptilak


Manager - Equity Analytics
Manager - Equity Analytics

Thank you Redbull. I think odel deal is a good signal and could expect an increase in foriegn investment through CSE.

K.Haputantri

K.Haputantri
Co-Admin

"Good meeting’’ between PBJ, SEC commissioners and CSE directors
Odel deal seen to send positive signals to market
July 28, 2012, 6:45 pm The Island

The meeting last week between the directors of the Securities and Exchange Commission (SEC) and the Colombo Stock Exchange (CSE) was described by participants as a ``very good’’ with some holding the view that it was better than the previous encounter with the president.

"Dr. Jayasundera was very clear that it was necessary to be flexible and revive the market,’’ one participant said.

"CSE Chairman Krishan Balendra made the point that while there was a net foreign outflow in 2010 and 2011 (when the Colombo market boomed), there has been an inflow of Rs. 24 billion up to now this year without taking into account the money that’s coming in with the agreement with Odel executed,’’ he said.

Analysts believe that with the steep correction in recent weeks, pricing appear attractive particularly for long term investors with foreign investors having a further advantage of the rupee depreciation. But they were not ready to take a call on whether Friday’s turnaround was a clear signal that the worst days are past.

"We must wait and see,’’ they said.

Dr. Jayasundera had told the SEC that all ongoing investigations should be quickly brought to a conclusion and had advised that it must always be in mind that we are yet an emerging market and the best international practices cannot be imposed overnight in such a context.

The share sale and purchase agreement between the major shareholders of Odel and Parkson Retail Asia Ltd. under which Parkson will take 41.82% of the Lankan company from its founder, Otara Gunawardene and her brothers, Ajith and Ruchi, at slightly over Rs. 1.42 billion was described by analysts as a strong signal on the country’s investment potential.

Otara, while selling down her controlling stake will retain 27.88% of the company and continue to be its CEO. Also, there will be a one for one rights priced at Rs. 20 per share following the transfer of the shares that will infuse nearly Rs. 2.9 billion into the company for its ``future investment in retail spaces.’’

The deal will trigger a mandatory offer which the principal shareholders will not take. They have undertaken to take up their full rights entitlements.

A well informed business leader indicated that a USD 10 to 11 million price for 42% of the country’s best known clothing retailer was a good price for the buyer who is already big in Malaysia where it has 38 stores, in Vietnam with eight stores and eight stores in Indonesia totaling 44 department stores.

The Parkson Retail Group Ltd. is listed in Hong Kong and operates 46 owned and six managed stores covering 31 major cities in China.

Asked whether a market Sri Lanka’s size, with a population of 21 million, had potential for a company like Parkson, he said: ``they started in Malaysia with a population of 28 million. They could reasonably expect greater prosperity here in the medium term.’’

Odel which began with a single store on Dickman’s Road in 1990 has grown into 15 stores with its flagship store at Alexandra Pace. The company posted sales of Rs. 3.8 billion and profit before tax of Rs. 264 million in the year ending March 31, 2012.

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics

"Dr. Jayasundera had told the SEC that all ongoing investigations should be quickly brought to a conclusion and had advised that it must always be in mind that we are yet an emerging market and the best international practices cannot be imposed overnight in such a context"

Good! But hope that a conclusion does not mean to abandon all investigation?

pathfinder

pathfinder
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

slstock wrote:

Good! But hope that a conclusion does not mean to abandon all investigation?
Are you dreaming?

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Thread duplicated.
http://forum.srilankaequity.com/t20661-good-meeting-between-pbj-sec-commissioners-and-cse-directors

Sponsored content



Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum