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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Piramal to sell part of its Ratmalana land for Rs. 350 mn. Extent to be sold not disclosed

Piramal to sell part of its Ratmalana land for Rs. 350 mn. Extent to be sold not disclosed

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sriranga

sriranga
Co-Admin
Piramal to sell part of its Ratmalana land for Rs. 350 mn. Extent to be sold not disclosed Glas10

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

balapas


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
I was waiting for GLAS to go up so its done Very Happy

troy

troy
Moderator
Moderator
thank god...

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
Wonder what % if land was sold.


Complete land was valued at 700m. but must be worth more now.

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
@slstock wrote:Wonder what % if land was sold.


Complete land was valued at 700m. but must be worth more now.

Yes have to see,

Hope they will utilize the proceeds to settle some of the interest bearing liabilities

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
Yes, and also maybe some small additional benefit for shareholders.

@Gaja wrote:
@slstock wrote:Wonder what % if land was sold.


Complete land was valued at 700m. but must be worth more now.

Yes have to see,

Hope they will utilize the proceeds to settle some of the interest bearing liabilities

hariesha


Vice President - Equity Analytics
Vice President - Equity Analytics
@slstock wrote:Wonder what % if land was sold.


Complete land was valued at 700m. but must be worth more now.

Yes. It's a very shady announcement. I think companies should respect investor’s right to information. Their entire land at Ratmalana is 21 acres. It's a 3,360 perches. I think it's worth more than 1.5 billion.

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics

700m/3300 perches = 2.1 laks.

Does anyone know the value of land at 148 Maligawa rd, Borupana?

2.1 Laks does seem low in Ratmalana. But 700m was not a recent valuation

cseguide

cseguide
Vice President - Equity Analytics
Vice President - Equity Analytics
This was long due. rest of the land they could sell for higher value. IF they reduce the debt EPS would increase further.

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@slstock wrote:
700m/3300 perches = 2.1 laks.
Does anyone know the value of land at 148 Maligawa rd, Borupana?
2.1 Laks does seem low in Ratmalana. But 700m was not a recent valuation
Someone known to me sold his land in Lunawa and closer to sea at Rs 600,000 a perch and I am pretty sure lands in Borupana and on the landside (not seaside) must be fetching over a million a perch or more but not less.

hariesha


Vice President - Equity Analytics
Vice President - Equity Analytics
@Kithsiri wrote:
@slstock wrote:
700m/3300 perches = 2.1 laks.
Does anyone know the value of land at 148 Maligawa rd, Borupana?
2.1 Laks does seem low in Ratmalana. But 700m was not a recent valuation
Someone known to me sold his land in Lunawa and closer to sea at Rs 600,000 a perch and I am pretty sure lands in Borupana and on the landside (not seaside) must be fetching over a million a perch or more but not less.

So I think 600,000/- per perch is fair as this is a bigger land. So we are talking about 2 billion.

CSE.SAS

CSE.SAS
Global Moderator
Piramal Glass PLC Friday said in a Stock Exchange filing that it was selling part of its Ratmalana land at 148, Maligawa Road, Borupana, Ratmalana for a consideration of Rs.355 million to Messrs. Prime Lands (Pvt) Limited, No.75, D.S. Senanayake Mawatha, Colombo 8.

The company did not disclose the extent to be disposed but merely said it was selling part of its Ratmalana property with the transaction likely to be completed on or before June 30.

Prior to its move to the Seetawaka Industrial Park in Avissawella, Ceylon Glass Company Limited and its successor, Piramal Glass PLC. were located on an extensive property at Ratmalana originally acquired by Ceylon Glass.

Analysts believe that the company retained this land even after moving its factory to a new location waiting for the right price. However, the Stock Exchange filing did not disclose the extent of the land to be sold or the value per perch.

In a second filing the same day, Piramal Glass announced a first and final dividend of Rs.0.38 per share for the financial year 2012/13 with dates to be notified.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=77743

Fresher


Moderator
Moderator
If I'm not mistaken this 'Prime Lands' is a company which has some sort of a land bank and resells these in small portions. If that's the case, it's highly unlikely that GLAS would have realized the fair value from this sale as they probably would have sold at a discount

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
This is not what we expected.

There will be an impact only if they sell the total extent at a fair rate. They are finding it difficult to attract buyers to dispose the total extent due to many factors.

350 million is just 35 cents per share.

The Alchemist


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
I am really surprised that they have not disclosed the extent of land they have sold for Rs 350 million. what is the CSE and SEC doing ? This is material public information that has an definite impact on the share price. since some people know this info, it is unfair on the shareholders of Glass. They should halt trading and disclose these details on monday itself. Zero points for transparency & disclosure !

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
Agree , why hide. Hope they did not under sell the market values by a lot.

@The Alchemist wrote:I am really surprised that they have not disclosed the extent of land they have sold for Rs 350 million. what is the CSE and SEC doing ? This is material public information that has an definite impact on the share price. since some people know this info, it is unfair on the shareholders of Glass. They should halt trading and disclose these details on monday itself. Zero points for transparency & disclosure !

sapumal


Vice President - Equity Analytics
Vice President - Equity Analytics
I don't think land in lunava has that much value. needs to check with lahipita (lankadeepa). also check with ikman.lk

Fresher


Moderator
Moderator
@slstock wrote:Agree , why hide. Hope they did not under sell the market values by a lot.

@The Alchemist wrote:I am really surprised that they have not disclosed the extent of land they have sold for Rs 350 million. what is the CSE and SEC doing ? This is material public information that has an definite impact on the share price. since some people know this info, it is unfair on the shareholders of Glass. They should halt trading and disclose these details on monday itself. Zero points for transparency & disclosure !

refer to my comment on the corporate disclosure thread. (shouldn't we merge the two)

The buyer is a reseller of lands and thus the price is possibly at a discount to market value.

sriranga

sriranga
Co-Admin
npp wrote:
@slstock wrote:Agree , why hide. Hope they did not under sell the market values by a lot.

@The Alchemist wrote:I am really surprised that they have not disclosed the extent of land they have sold for Rs 350 million. what is the CSE and SEC doing ? This is material public information that has an definite impact on the share price. since some people know this info, it is unfair on the shareholders of Glass. They should halt trading and disclose these details on monday itself. Zero points for transparency & disclosure !

refer to my comment on the corporate disclosure thread. (shouldn't we merge the two)

The buyer is a reseller of lands and thus the price is possibly at a discount to market value.

Topics merged.

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

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Can this deal be held back ?
Anyone plan to take up the issue at the AGM ?

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