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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Indian Construction company to buy a 60% stake of PCH?- Market Sources

Indian Construction company to buy a 60% stake of PCH?- Market Sources

+8
Hawk Eye
seek
Gainer
traderathome
CSE.SAS
hashan2012
wiki
Redbulls
12 posters

Go down  Message [Page 1 of 1]

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Mar 29, 2013 (LBT) - An Indian based construction company is yet to to acquire controlling stake of stock market listed IT counter, PCH - PC House PLC, a source familiar with the deal told LBT.

“They are yet to come up with a rights issue and the Indian based construction will buy and subscribe to majority of the rights triggering the Takeovers and Acquisitions code of CSE implemented by the Securities and Exchange Commission of Sri Lanka” source told in the grounds of anonymity.

PC House on 14 March 2013 in a filing to CSE said that on 13 March 2013 company’s board agreed to offer 114,466,667 voting shares by the way of a rights issue to the existing shareholders on the ratio of 1 ordinary voting right valued at Rs.3 per share to every two voting shares held by the shareholders.

Currently PCH has 228,933,334 voting shares representing over Rs.801.26 million stated capital. With the rights Issue Company will further raise over Rs.343.4 million to meet the working capital requirements of the company.

“It is anticipated that the new investor will buy a majority of rights which in turn is nearly 30% stake of the company and later from a Mandatory Offer it would be further increased by another 30% totaling to a 60% stake of PCH” source added.

However when asked whether there is a offer by an investor for 60% stake of PCH, company Chairman S.H.M. Rishan said he will call back to give the details since there is no such announcement made to CSE. "I can only talk about things that are announced to CSE I will give details if it is announced" Rishan added.

Back in August 2010, PC House PLC, which was said to be the first emerging IT conglomerate that was to be listed in Colombo Bourse raised Rs 630 million issuing 57.2 million voting shares at Rs 11 each. Ath the time it was mulling that the funds collected will be utilized to expand internet data centre operations and outsourcing, finance the enhancement of BPO and KPO operations, retire some of the expensive debt capital to increase leverage capacity, expand current branch network of 28 with five additional branches and improve service quality and to streamline working capital operations.

That time in July 2010 company also appointed new directors, Mangala Boyagoda, Sarath Wickramanayake, Modarage Thakshila, Shanthikumar Nadarajah and Kuvera de Zoysa although later Shanthikumar Nadarajah resigned from the board after 2 years on 16th August 2012 and Sarath Wickramanayake resigned from the board on 24 August 2012.

Further Mangala Boyagoda, Modarage Thakshila and Kuvera de Zoysa resigned from the board on 31 August 2012 whilst PC House Chairman S.H.M. Rishan’s wife Sithy Shamila Rishan tendered her resignation on 17th December 2012 according CSE Disclosures by PC House.
Meanwhile latest quarter results of the company as at 31 December 2012 outlines that PCH Group revenue had come down from Rs.2.95 billion year ago to Rs.1.69 billion (down 43%) for a nine months period and net profit had fallen from Rs.158.8 million to Rs.5.6 million (down 96%) and Earnings Per Share had fallen from 69 cents to 2 cents for the same corresponding period.

Company Chairman Rishan as at December 2012 holds nearly a 48.78% of the company with over 111.67 million shares and his wife holds another 6.03% with a 13.8 million shares and PC House mother company,related subsidiaries and associates including PCH House Holdings, PC Pharma, Orient Garments collectively own another 12% of the company. (By Jithendra Antonio)
http://lbt.lk/stock-market/deals/4024-indian-construction-company-to-buy-a-60-stake-of-pch-market-sources

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Another pump and dump drama?

wiki


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Redbulls wrote:Another pump and dump drama?

Possible....May be Rishan is selling off and concentrating on other business (Convert the GREG W 2) Very Happy .

hashan2012

hashan2012
Manager - Equity Analytics
Manager - Equity Analytics
gd job mr rishan

CSE.SAS

CSE.SAS
Global Moderator
@Redbulls wrote:Another pump and dump drama?

lol! lol! lol! lol! lol!

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Redbulls wrote:Another pump and dump drama?
mata nam pissu wagei drunken

Gainer

Gainer
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Rishan try to exit from PCH

CSE.SAS

CSE.SAS
Global Moderator
@Gainer wrote:Rishan try to exit from PCH

He is trying to creates some stories to push PCH shares above rights price Smile

seek


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
What the hell that construction comany is doing with PCs.

Hawk Eye

Hawk Eye
Expert
Expert
-An Indian construction Company to buy an IT company SL?

-With the publicly available infrormation we know somethings wrong in the balance sheet, specially the current assets.

-The announcement is well timed. 1st April, all retailers can take the dumping

-Who owns the PCH building. the 500mn + Assets shown in BS should be this which Rishan will never loose, unless transfered to PCHH


I am sure this will be pumped to dump on Monday

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
May be a "April Fool" gift to CSE traders.

anges


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
lot of fingers might get burn !

chamith

chamith
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Well i guess in such a case it will NOT be possible to present consolidated accounts from the acquiring company. IAS 27 Consolidated & separate financial statements - revised states that in such situations the subsidiary must be kept as a investment without consolidating.
Eg: Bank acquiring a construction company. Think about consolidating revenue for eg: bank's interest income + Construction revenue for completed potion.
These two does not match with each other to consolidate

Jiggysaurus

Jiggysaurus
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
wow an indian construction company going to sell underwear under the pc house brand in unity plaza.

kukumarx


Manager - Equity Analytics
Manager - Equity Analytics
@Jiggysaurus wrote:wow an indian construction company going to sell underwear under the pc house brand in unity plaza.

Will end up in PC house shareholders having to sell their underwear! lol!

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