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.

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


Submit PostSubmit Post
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post



Latest topics

» SEMB SEMB
by stockchaser Today at 2:57 pm

» EXPOLANKA HOLDINGS PLC (EXPO.N0000)
by Vishwanarth Today at 2:54 pm

» Bullish sentiment returns with market regulator's assurance
by Vishwanarth Today at 2:52 pm

» Price prediction on GRAN and TAFL
by Bakkabwoi Today at 2:33 pm

» GLAS will be winner with Super Gain.
by RJ1010 Today at 1:58 pm

» BROWNS INVESTMENTS PLC (BIL.N0000)
by Vishwanarth Today at 1:49 pm

» SOFTLOGIC HOLDINGS PLC (SHL.N0000)
by suku502 Today at 1:32 pm

» DIPD/HAYC/HAYL
by Wickyz Today at 1:19 pm

» Chart 25.02.2021
by stockback Today at 12:41 pm

» DFCC will be receiving Rs.594,538,285.50
by David VKMS Today at 12:20 pm

» is it a good time to sell expo shares
by Kipling Today at 8:39 am

» Current 2021 Februray Unit Trust/Unit Fund Per Annum percentages
by agentnrox Today at 8:13 am

» UNHCR එකේ ලොකූ ටෝක දැම්මට සමහර ඔස්තාර් ලා කියන ආර්තික සම්භාදක අරවා මේවා මුකුත් එන්නේ නැ
by judecroos Today at 7:42 am

» Leading brokers causing market downturn
by Mithooshan Today at 7:40 am

» Must watch this video - unnecessary panic
by Jana Today at 1:03 am

» LOLC HOLDINGS PLC (LOLC.N0000)
by learningthemarket Today at 12:03 am

» Daily Foreign Transactions
by Mr. X Yesterday at 11:28 pm

» Fall seven times, stand up eight.What happened, has happened. Free your mind from it. Stock market for beginners
by Asoka Samarakone Yesterday at 9:21 pm

» RICHARD PIERIS EXPORTS PLC (REXP.N0000)
by කොටස් වෙළඳපොළ2020 Yesterday at 9:06 pm

» Unscripted daily drama.Traders are uncertain whether to buy or sell. Stock market for beginners
by Jayashantha Yesterday at 8:40 pm

EXPERT CHRONICLE™

ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

CHRONICLE™ NEWS PRODUCTS

FINANCIAL CHRONICLE™

Views & Reviews, Analysis, Evaluations, Discussions, Gossip and Hot Tips relating to Sri Lankan companies listed on the Colombo Stock Exchange (CSE)
Contribute




DAILY CHRONICLE™

Latest news and articles published in Newspapers, Websites, Blogs and other online news sites relating to business and investments in Sri Lanka
Contribute



ECONOMIC CHRONICLE™

This is a section that provide news, views, analysis, predications relating to Political and Socio-Economic factors and how such activities affect the Stock Market and other economic activity of the Country.

Contribute




EXPERT CHRONICLE™

This is an exclusive section for Expert Articles which will help member to share knowledge through comments and responses of the members. All members are allowed to reply and make comments to these articles.

Contribute


Submit Post


CHRONICLE™ YouTube

Youtube Videos and other visual presentations relating Stock market and other investment advise submitted by members or other contributors.

Contribute


Submit Post


කොළඔ කොටස් වෙළඳපොළේ වංශකථාව
කොළඔ කොටස් වෙළඳපොළේ ලැයිස්තුගත සමාගම් කොටස් ගැන තොරතුරු¸විශ්ලේෂණ¸සාකච්ඡා¸ කටකතා¸රසකතා යන සියල්ල අපේම සිංහලෙන් කතා කළ හැකි ‘කතා මණ්ඩපය’

Contribute

Twitter Feeds
POPULAR COMPANIES
A

ABANS ELECTRICALS PLC

ACCESS ENGINEERING PLC Hot

ACL CABLES PLC

ACL PLASTICS PLC

ACME PRINTING & PACKAGING PLC

AGSTAR PLC

AITKEN SPENCE HOTEL HOLDINGS PLC

AITKEN SPENCE PLC

ANILANA HOTELS AND PROPERTIES PLC

ARPICO INSURANCE PLC

ASIA ASSET FINANCE PLC

ASIA CAPITAL PLC

B

BAIRAHA FARMS PLC

BALANGODA PLANTATIONS PLC

BIMPUTH FINANCE PLC

BLUE DIAMONDS JEWELLERY WORLDWIDE PLC

B P P L HOLDINGS PLC

BROWNS BEACH HOTELS PLC

BROWNS INVESTMENTS PLC

C

CARGO BOAT DEVELOPMENT COMPANY PLC

CENTRAL INDUSTRIES PLC

CEYLON COLD STORES PLC

CEYLON GRAIN ELEVATORS PLC Hot

CEYLON TEA BROKERS PLC

CEYLON TOBACCO COMPANY PLC

CHEVRON LUBRICANTS LANKA PLC

COLOMBO FORT LAND & BUILDING PLC

COMMERCIAL BANK OF CEYLON PLC

CITRUS LEISURE PLC Hot

COMMERCIAL CREDIT AND FINANCE PLC

D

DANKOTUWA PORCELAIN PLC

DFCC BANK PLC

DIALOG AXIATA PLC

DIALOG FINANCE PLC

DIPPED PRODUCTS PLC

DISTILLERIES COMPANY OF SRI LANKA PLC

DUNAMIS CAPITAL PLC

E

EAST WEST PROPERTIES PLC Hot

EASTERN MERCHANTS PLC

EXPOLANKA HOLDINGS PLC

E-CHANNELLING PLC

F

FIRST CAPITAL HOLDINGS PLC

G

GALADARI HOTELS (LANKA) PLC

GUARDIAN CAPITAL PARTNERS PLC

H

HATTON NATIONAL BANK PLC

HAYLEYS PLC

HAYLEYS FABRIC PLC

HAYLEYS FIBRE PLC Hot

HEMAS HOLDINGS PLC

HIKKADUWA BEACH RESORT PLC

HNB ASSURANCE PLC

HVA FOODS PLC

J

JANASHAKTHI INSURANCE COMPANY PLC

JOHN KEELLS HOLDINGS PLC Hot

JOHN KEELLS HOTELS PLC

L

LANKA ASHOK LEYLAND PLC

LANKA IOC PLC

LANKEM CEYLON PLC

LANKEM DEVELOPMENTS PLC

LAUGFS GAS PLC

LAUGFS POWER LIMITED

LOLC FINANCE PLC

LOLC HOLDINGS PLC

LUCKY LANKA MILK PROCESSING COMPANY PLC

M

MELSTACORP PLC

N

NATIONAL DEVELOPMENT BANK PLC

NATION LANKA FINANCE PLC

NESTLE LANKA PLC

O

ORIENT FINANCE PLC

OVERSEAS REALTY (CEYLON) PLC

P

PANASIAN POWER PLC

PEOPLE'S LEASING & FINANCE PLC

PIRAMAL GLASS CEYLON PLC

PRIME FINANCE PLC

R

RAIGAM WAYAMBA SALTERNS PLC

RENUKA AGRI FOODS PLC

RENUKA CAPITAL PLC

RENUKA HOLDINGS PLC

RICHARD PIERIS AND COMPANY PLC

RICHARD PIERIS EXPORTS PLC Hot

ROYAL CERAMICS PLC

S

SAMPATH BANK PLC

SEYLAN BANK PLC

SIERRA CABLES PLC

SINGHE HOSPITALS PLC Hot

SMB LEASING PLC

SOFTLOGIC HOLDINGS PLC

SOFTLOGIC LIFE INSURANCE PLC

SRI LANKA TELECOM PLC

SWISSTEK (CEYLON) PLC Hot

T

TEEJAY LANKA PLC

TESS AGRO PLC

THREE ACRE FARMS PLC

TOKYO CEMENT COMPANY (LANKA) PLC Hot

U

UNION BANK OF COLOMBO PLC

V

VALLIBEL FINANCE PLC

VALLIBEL ONE PLC Hot

VALLIBEL POWER ERATHNA PLC

W

WASKADUWA BEACH RESORT PLC


You are not connected. Please login or register

FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Takeovers ticking!

Takeovers ticking!

Go down  Message [Page 1 of 1]

1Takeovers ticking! Empty Takeovers ticking! Wed Nov 28, 2012 6:19 am

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
* 12 of the acquired under-performing enterprises and assets via Revival Act released to new businesses

* 5 transferred to UDA and 4 for public purposes


The contentious acquisition of two dozen enterprises and assets either underperforming or underutilised under the Revival Act last year have since being put to productive use or firmed up for regeneration of economic value.

According to Finance Ministry sources, 12 enterprises have been released to investors, both new and former owners, based on new business plans, whilst several have been transferred to the Urban Development Authority or for public purposes.

Enterprises or assets released to investors were: Sinotex (Lanka) Ltd., Jaqalanka Ltd., Plymouth Industries (Pvt) Ltd., D.C. Apparel (Pvt) Ltd., Hy Fashion Garments (Pvt) Ltd., Adamjee Extractions (Pvt) Ltd., Tendon Lanka (Pvt) Ltd., Rican Lanka (Pvt) Ltd., Composite Tower Solutions (Pvt) Ltd., Health Food Products (Pvt) Ltd., Sri Chirag (Pvt) Ltd., and Continental Vanaspathi (Pvt) Ltd. Some investors said the progress was satisfactory whilst others noted there were some snags remaining to be resolved.

Assets transferred to the UDA to be developed under the overall Urban Development Plan were Chalmers Granaries Ltd., Intertrade Lanka (Pvt) Ltd. (which owns Sri Lanka Exhibition and Convention Centre), Lanka Tractors Ltd., Suchir Neb Projects (Pvt) Ltd., and former Cashew Corporation.

Assets released to be used for a public purpose were Macfa Apparel (Pvt) Ltd., Collins Garment (Pvt) Ltd., Needle Crafts (Pvt) Ltd., and Colombo Commercial Badulla Properties.

Hilton Colombo owning company Hotel Developers (Lanka) Plc has been revitalised with a new management contract signed with Hilton International Worldwide on terms more favourable to the Government.

The Finance Ministry said payment of compensation was being finalised with the assistance of the Government Chief Valuer.

The State land leased to HDLL with the hotel block has been leased for 99 years and the pool block for five years.

Ceylinco Leisure Properties Ltd. at Colombo 3 has been reactivated with a project to convert it into a multi-faceted hotel complex, through a consortium of private/public entities. Payment of compensation is being finalised with the assistance of the Government Chief Valuer.

Takeover of Sevanagala and Pelwatte Sugar Industries under the Act, which also raised much controversy since the latter is also a listed entity, has been merged and formed as a new company under the Companies Act No. 7 of 2007, to be fully owned/administered by the Government.

The new Board of Directors is progressing with the management towards commercial viability, the Finance Ministry said.

Distilleries Company, which owns control stake of Pelwatte Sugar, has raised issues over the legality of the takeover and is awaiting a clearer response from the Treasury.

The 2011 Budget referred to the importance of taking appropriate measures to revive certain enterprises that have continuously failed in its operations or underperformed, warranting intervention at the highest level, in order to maximise growth and economic activity in the public interest.

Revival of Underperforming Enterprises or Underutilised Assets Act No. 43 of 2011 was introduced in November 2011, vesting with the State one underperforming enterprise and 37 underutilised assets, listed in its Schedules.

As approved by the Cabinet of Ministers, a Competent Authority either by name or by office, were appointed in respect of one or more of such enterprise or asset. The Competent Authority is required to control, administer and manage or ensure the revival of such enterprise or asset through alternate utilisation.

In the exercise of its powers, functions and duties, the Competent Authority is subject to general and special directions of the Cabinet of Ministers, to ensure effective management and administration, etc.

A dedicated Compensation Tribunal was appointed, comprising of the Chief Valuer and two other persons who have wide experience and who have shown capacity in commercial valuation, to ensure the payment of prompt, adequate, and effective compensation.

The Compensation Tribunal is required, after inquiry as may be necessary, to make its award on such claim within a period of 12 months from the date on which the claim was received by it.

Compensation is to be charged to a special account to be operated by the Government with a Licensed Commercial Bank. This account was opened by the Treasury. Any party aggrieved in relation to compensation may appeal within 14 days from the date of such award to the Court of Appeal.
http://www.ft.lk/2012/11/28/takeovers-ticking/

Back to top  Message [Page 1 of 1]

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