MTD Walkers (KAPI) to takeover bankrupt Colombo Engineering Services

KPMG · 1 KAPI Announcement Tue Apr 19, 2011 4:53 pm

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KAPI Announcement,,,
http://www.cse.lk/cmt/upload_cse_announcements/2651303209792_.pdf

milanka · 2 KAPI Announcement... Tue Apr 19, 2011 7:32 pm

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MTD Walkers Ltd on Tuesday announced that it had acquired and taken 100 % control of the Colombo Engineering Services Pvt Ltd, a successful marine engineering company led by well-known businessman Kiran Atapattu, at a price of Rs 275 million.

The statement made to the Colombo Stock Exchange said Mr Atapattu has been retained by the company and appointed Head of the Marine Engineering Division, of MTD Walkers PLC with immediate effect. – Ends -

http://www.sundaytimes.lk/index.php/news/6575-walkers-acquires-marine-firm-colombo-engineering-services

Last edited by milanka on Wed Apr 20, 2011 9:51 am; edited 1 time in total (Reason for editing : Added the Heading)

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KAPI is to takeover Colombo Engineering Services Pvt Ltd, Unsuccessful and overvalued marine engineering business led by well-known flamboyant businessman Kiran Atapattu, at a price of Rs 275 million.

According to informed sources Mr Kiran Atapattu expected to receive only a fraction of the money and the balance is likely to be paid to intermediary parties confirming that the actual amount paid by the KAPI is far in excess of the real value of Colombo Engineering.

The Net Asset Value of Colombo Engineering is far below the purchase consideration resulting in KAPI having to write off a considerable component of this investment as goodwill in their books which will result in loss to the group. KAPI is owned and controlled by Malaysian construction giant MTD Capital berhad.

Mr Kiran Atapattu had mentioned that he would start a all girl band from windfall he is expected to receive from the sale of his company.

milanka

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Avinash wrote:KAPI is to takeover Colombo Engineering Services Pvt Ltd, Unsuccessful and overvalued marine engineering business led by well-known flamboyant businessman Kiran Atapattu, at a price of Rs 275 million.

According to informed sources Mr Kiran Atapattu expected to receive only a fraction of the money and the balance is likely to be paid to intermediary parties confirming that the actual amount paid by the KAPI is far in excess of the real value of Colombo Engineering.

The Net Asset Value of Colombo Engineering is far below the purchase consideration resulting in KAPI having to write off a considerable component of this investment as goodwill in their books which will result in loss to the group. KAPI is owned and controlled by Malaysian construction giant MTD Capital berhad.

Mr Kiran Atapattu had mentioned that he would start a all girl band from windfall he is expected to receive from the sale of his company.

Please provide the source of the above news so that we could further verify .

Last edited by milanka on Wed Apr 20, 2011 9:53 am; edited 1 time in total (Reason for editing : Added the Heading)

CHRONICLE™

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Mr Milanka, you are asking me question which you should be asking young Kiran Atapattu.

Asset value only Rs 80mn, purchase consideration Rs 275mn. What does that mean. Goodwill of Rs 195mn, which needs to be written off in the first year according to Sri Lankan accounting standards.

Marine Engineering Servives Turnover is only Rs 100 mn. Let say net profit is 20% = Rs 20mn. 14 year to recover you investment.

My Brother Milanka, you will only know this in another 6 months coz you will only get to see the quarterly accounts. So enjoy good timez. Punt on KAPI n lose your shirt n also the underwear.

Good luck!

seyon

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Avinash wrote:KAPI is to takeover Colombo Engineering Services Pvt Ltd, Unsuccessful and overvalued marine engineering business led by well-known flamboyant businessman Kiran Atapattu, at a price of Rs 275 million.

According to informed sources Mr Kiran Atapattu expected to receive only a fraction of the money and the balance is likely to be paid to intermediary parties confirming that the actual amount paid by the KAPI is far in excess of the real value of Colombo Engineering.

The Net Asset Value of Colombo Engineering is far below the purchase consideration resulting in KAPI having to write off a considerable component of this investment as goodwill in their books which will result in loss to the group. KAPI is owned and controlled by Malaysian construction giant MTD Capital berhad.

Mr Kiran Atapattu had mentioned that he would start a all girl band from windfall he is expected to receive from the sale of his company.

Hi Avinash

You can not say Unsuccessful engineering business... when u look at the Colombo Engineering Services Pvt Ltd, there were plenty of business awards had been received by Mr Kiran Atapattu on behalf of his company including Best service provider, Best Export Service. This only enough to highlight his business is successful..

Further KAPI might have given premium for the successful business. Yes only we will get to know nos ( Premium) after releasing the quarter accounts

just click and see the company successful business....

http://www.colomboengineering.com/03_success.html

Happy Trading

Last edited by seyon on Wed Apr 20, 2011 11:04 pm; edited 1 time in total

abra12

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Kiran athapattu is not so young.He is the president of sri lankan rugby I guess.He won many awards for what he did with Colombo engineering in past.

BTW i dont know about the present situation.

Last edited by abra12 on Wed Apr 20, 2011 11:07 pm; edited 1 time in total (Reason for editing : spelling mistakes)

topgear

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It is rumored that MTD and the SL Navy have signed an agreement where a specific type of boat will be built by MTD for the Navy. I guess MTD, with all it's experience, could be good competition to Dockyard.

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MTD Walkers (KAPI) to takeover bankrupt Colombo Engineering Services

1 KAPI Announcement Tue Apr 19, 2011 4:53 pm

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2 KAPI Announcement... Tue Apr 19, 2011 7:32 pm

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3 MTD Walkers (KAPI) to takeover bankrupt Colombo Engineering Services Tue Apr 19, 2011 10:58 pm

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4 KAPI - 100% purchase of a successful marine engineering company Wed Apr 20, 2011 9:41 am

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5 Re: MTD Walkers (KAPI) to takeover bankrupt Colombo Engineering Services Wed Apr 20, 2011 10:06 pm

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6 Re: MTD Walkers (KAPI) to takeover bankrupt Colombo Engineering Services Wed Apr 20, 2011 11:00 pm

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7 Re: MTD Walkers (KAPI) to takeover bankrupt Colombo Engineering Services Wed Apr 20, 2011 11:02 pm

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8 MTD Walkers (KAPI) to takeover bankrupt Colombo Engineering Services Mon Apr 25, 2011 1:41 pm

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9 Re: MTD Walkers (KAPI) to takeover bankrupt Colombo Engineering Services

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