Each and every shareholder of Pelwatta Suger

soileconomy · 1 Each and every shareholder of Pelwatta Suger Thu Aug 09, 2012 5:15 am

soileconomy

Senior Vice President - Equity Analytics

Posts : 1504
Equity Stars : 7519
Reputation : 45
Join date : 2011-02-20
Age : 46
Location : Nebraska

We all know that sugar company was taken over by the Government through a controvertial bill passed by the Parliament.
No body knows what will happen to the rights of shareholders of SUGA.No direction was given.Nobody was dared enough to voice.

I got a letter for an Extraordinary general Meeting summoned by the legal shareholders of the company(18th August-2011-SATURDAY)I hope every one would have received this letter.

TRY TO COME ON THIS DATE AND MAKE OUR VOICES , SUPPORT LEGAL OWNERS OF SUGA AND IF YOU ARE NOT IN A POSITION TO COME PLEASE SEND THE COMPLETED FORM OF PROXY APPOINTING A DIRECTOR ON BEHALF OF YOU.
This will not create a situation to give back the ownership of the company to legal shareholders , but will mark our voices to a wake up level.

PLEASE RESPOND TO THIS.

Last edited by soileconomy on Thu Aug 09, 2012 5:38 am; edited 1 time in total (Reason for editing : spelling corrected)

Slstock · 2 Re: Each and every shareholder of Pelwatta Suger Thu Aug 09, 2012 5:48 am

Slstock

Director - Equity Analytics

Posts : 6610
Equity Stars : 13355
Reputation : 1158
Join date : 2011-01-22

I am NOT a SUGA holder. But the injustice done to small time holders is disgraceful and distasteful.

I saw Govnment saying they will compensate the share holder and HJ & co. When?? Isn;t enough time and opportunity costs have been inflicted on share holder apart from ripping a perfectly good 778 Million profit making company. May we know the current earnings of SUGA? Is it improving after the take over. ( Let not talk politics here) . If not it is shame.

Whoever is seeing this who is capable of resolving this issue, for love of god and land sort this out soon.

Think of the plight of all the small time sharesholders of expropriated companies. WAKE UP.

( I am not a shareholder of any of the expropriated companies)

sahan8896 · 3 Re: Each and every shareholder of Pelwatta Suger Thu Aug 09, 2012 5:59 am

sahan8896

Assistant Vice President - Equity Analytics

Posts : 933
Equity Stars : 5747
Reputation : 53
Join date : 2011-08-27

What about Hotel developers.?

Slstock · 4 Re: Each and every shareholder of Pelwatta Suger Thu Aug 09, 2012 6:26 am

Slstock

Director - Equity Analytics

Posts : 6610
Equity Stars : 13355
Reputation : 1158
Join date : 2011-01-22

sahan8896 wrote:What about Hotel developers.?

Comment above applies to all Expropriated companies

WildBear · 5 Re: Each and every shareholder of Pelwatta Suger Thu Aug 09, 2012 10:30 am

WildBear

Assistant Vice President - Equity Analytics

Posts : 723
Equity Stars : 5534
Reputation : 65
Join date : 2011-07-02

This expropriation is the worst damage done to the economy by a government in recent history.

soileconomy · 6 Re: Each and every shareholder of Pelwatta Suger Sat Aug 11, 2012 7:48 am

soileconomy

Senior Vice President - Equity Analytics

Posts : 1504
Equity Stars : 7519
Reputation : 45
Join date : 2011-02-20
Age : 46
Location : Nebraska

slstock wrote:I am NOT a SUGA holder. But the injustice done to small time holders is disgraceful and distasteful.

I saw Govnment saying they will compensate the share holder and HJ & co. When?? Isn;t enough time and opportunity costs have been inflicted on share holder apart from ripping a perfectly good 778 Million profit making company. May we know the current earnings of SUGA? Is it improving after the take over. ( Let not talk politics here) . If not it is shame.

Whoever is seeing this who is capable of resolving this issue, for love of god and land sort this out soon.

Think of the plight of all the small time sharesholders of expropriated companies. WAKE UP.

( I am not a shareholder of any of the expropriated companies)

.

If they compensate even that will take at least 4-5 Years.Past experience confirm that(Sri Lanka Insurance Corporation refund and company will have to give 1/10 of the refund to famous politician)

After taking over SUGA following were reported through media,

(1) Appointing of a trade union leader to the top management of the company(His qualifications , experience , Intention, management skills)
(2) Normal Production process has not began as at date
(3) Recruiting of staff based on political basis without comany's long term growth.
(4) Looting of company assets by different parties (Mechinary, Vehicles,etc).
(5) Long term growth of the company is not properly planned and not implimented.(Replanting of sugar cane, methods of supply water, Power generation process, Farmers earnings).
(6) All Sri lankans will have to pay(From their pockets) for the above mismanagement of a company which successfully paid tax to the government instead of people paying tax to save the company.
.We all should know what is happening ..
So my request please mark your valuable presence on that day (For EGM on Saturday 18 August-2012 of if you are unable to come , please send completed form of proxy .