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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » ANILANA HOTELS AND PROPERTIES PLC (ALHP.N0000)

ANILANA HOTELS AND PROPERTIES PLC (ALHP.N0000)

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KDDND


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Thx BOND! for this link

[http://www.anilana.com/images/files/investor_profile_anilana.pdf]

its nice n lovely pictures.....
So much attractive..... flower

manula


Vice President - Equity Analytics
Vice President - Equity Analytics
Is he the owner of Sunday leader and irudina papers and rugger coach of the big boss sons??.. good move

Chinwi


Associate Director - Equity Analytics
Associate Director - Equity Analytics
@manula wrote:Is he the owner of Sunday leader and irudina papers and rugger coach of the big boss sons??.. good move

Directer of Asia Fort Asset Management (Pvt) Ltd,
Director Nation Lanka Finance PLC
Managing Director Anilana Hotels and Properties Ltd.,
Investor Access Equities (Pvt) Ltd., Tharuvillas' Holdings (Pvt) Ltd.
Former CEO of Asia Capital PLC
Former Director Asian Alliance Insurance PLC
President of Srilanka Rugby Football Union
Vice President of Board of Control For Cricket in Srilanka
Current Owner of Leader Publications ( Leader Holdings pvt Ltd -Sunday Leader)


Now what do you think about the IPO ? Very Happy

kukumarx


Manager - Equity Analytics
Manager - Equity Analytics
@Chinwi wrote:
@manula wrote:Is he the owner of Sunday leader and irudina papers and rugger coach of the big boss sons??.. good move

Directer of Asia Fort Asset Management (Pvt) Ltd,
Director Nation Lanka Finance PLC
Managing Director Anilana Hotels and Properties Ltd.,
Investor Access Equities (Pvt) Ltd., Tharuvillas' Holdings (Pvt) Ltd.
Former CEO of Asia Capital PLC
Former Director Asian Alliance Insurance PLC
President of Srilanka Rugby Football Union
Vice President of Board of Control For Cricket in Srilanka
Current Owner of Leader Publications ( Leader Holdings pvt Ltd -Sunday Leader)


Now what do you think about the IPO ? Very Happy

As far as I am concerned, I got badly burned in the ACAP IPO . So I will avoid- once bitten twice shy!

Jeremy


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Lands that were worth only Rs 200mn were revalued by massive Rs 2 billion prior to the IPO. Please see below the extract of the Page 36 of the Prospectus.

ANILANA HOTELS AND PROPERTIES PLC (ALHP.N0000) - Page 3 Screen15

http://www.anilana.com/images/PDF/AnilanaProspectus.pdf

suddera

suddera
Manager - Equity Analytics
Manager - Equity Analytics
full strength negative publicity campaign on Anilana.
anyway thanks for the information.

MarketWitch

MarketWitch
Stock Analytic
Stock Analytic
GMNet wrote:Lands that were worth only Rs 200mn were revalued by massive Rs 2 billion prior to the IPO. Please see below the extract of the Page 36 of the Prospectus.

ANILANA HOTELS AND PROPERTIES PLC (ALHP.N0000) - Page 3 Screen15

http://www.anilana.com/images/PDF/AnilanaProspectus.pdf

Sri Lanka accounting watchdog reveals valuation tricks

Link: http://www.lankabusinessonline.com/news/sri-lanka-accounting-watchdog-reveals-valuation-tricks/29811733

27 Jul, 2011 08:25:42
July 27, 2011 (LBO) - A Sri Lankan accounting watchdog has revealed how companies inflate their profits and balance sheets using false revaluation techniques that in two cases led to initial public offer applications being rejected.

New accounting standards coming in January 2013 will provide more clarity on fair value and revaluation methods, said Ajith Ratnayake, director general of the Sri Lanka Accounting and Auditing Standards Monitoring Board which monitors company financial statements.
New Standard

These are part of the International Financial Reporting Standards (IFRS) that set out a framework for measuring fair value and require disclosures about fair value measurements.

Two recent IPO applications sent to the SLAASMB for vetting by the Securities and Exchange Commission were not approved after they rejected revaluations by the companies, Ratnayake told the 36th LBR - LBO CEO Forum.

It was a panel discussion on 'Convergence of accounting standards in 2012: are CEOs ready?' organised by Vanguard Management Services in association with Sri Lanka Telecom at the Ceylon Continental Hotel on July 21.

Most of the new standards are going to come from January 2012 but SLAASMB is particularly concerned by IFRS 13 which relates to fair value measurements and comes into effect by January 01, 2013, Ratnayake said.

"That is a standard we as a regulator will watch for and ensure it is well complied with. This new standard, IFRS 13, will give you greater guidance and greater clarity as to how the fair value should be measured. That's something we will regulate a little more carefully in terms of fair value measurements."
Ratnayake gave two recent examples where the SLAASMB had to intervene to prevent problems in the future.

Bloated Property

One case referred by the SEC was an IPO application where the company had re-valued property, plant and equipment at a substantial valuation.

"A property that had been bought in June 2010 - just a year ago - at the rate of 137 rupees a perch was re-valued in March this year at 100,000 rupees per perch - 137 rupees going up to 100,000 rupees a perch," Ratnayake said.

"Then in September 2010 they bought another property at 37,000 rupees per perch and then again in March 2011 - about six months later - it was valued at 300,000 rupees per perch.

"And in November 2010 they had bought another property for 56,000 rupees per perch and again re-valued in March 2011 - just six months after - at 100,000 rupees per perch. And these re-valuations had given rise to 900 million rupees revaluation surplus."

The 900 million rupees arising from the difference in revaluation were issued as bonus shares - assets coming in the balance sheet and increasing the net assets - to the owners.

"Now they apply for an IPO," Ratnayake said. "We looked at it and then we also consulted the chief valuer and we said this cannot be accepted. The SEC did not allow the IPO to proceed. So the IPO did not see the light of day."


In the second case, a company bought several items of property, plant and equipment and built up a complex with the cost of the work in progress valued at 484 million rupees.

Valuation

"After the project was complete this was transferred to property, plant and equipment as a fixed asset," Ratnayake said.

"The 484 million rupee cost item was re-valued to 854 million rupees and a gain of 370 million rupees recorded in the books. This gain of 370 million rupees was used to issue bonus shares but not in proportion - the chairman was given a higher proportion than his shares in the equity of the company.

"This also came for an IPO. We looked at it and again we knew there was a problem. We also discussed with the chief valuer and we rejected that valuation. Therefore, the IPO did not see the light of day," Ratnayake said.

"If we had not looked at these things then you would have seen the extent to which people who apply for these IPOs would have got misled and would have thought the company had a certain different value and would have bought shares and they would have lost on those shares," he added.

"So fair valuation is an important area that has to be watched carefully," Ratnayake said.

The SLAASMB has also seen companies that have used models using false or inappropriate estimates and coming out with substantially big values which are not really true.

"So these are things for which there will be some guidance given in IFRS 13 but it does not solve the problem completely because there is still a judgement that is there," Ratnayake said.

"But there will be better guidance than that is available today in IFRS 13 and we will look to see whether that guidance has been appropriately applied by the companies when it comes to the future valuations."

Chartered Valuers

Ratnayake also noted that some of the valuations rejected by regulators had been done by chartered valuers who were unable to justify their valuations.

"Mind you, these valuations that we have seen have been valued by chartered valuers and the valuations have been supported by them," he said.

"But the problem is the assumptions are not correct. There are issues related to the assumptions. Sometimes when a chartered valuer comes in front of us, we ask 'why did you make those assumptions', what is the basis on which they made the valuations, and they don't have an answer.

"Sometimes they just say 'my professional judgement'. That's all. What is the basis of the professional judgement, they cannot explain," Ratnayake said. "So these are some of the things one will have to watch for."

Fair valuation is something SLAASMB would look at closely to see if it has been done appropriately particularly if the company has substantial value on a particular asset and that asset has been fair valued.

"Then we will look into that company because that is something that can change the picture that is shown in the balance sheet and change the picture that is shown as profit in the financial statements. So these we will watch carefully."

Back Note - Sujeewa Mudalige - Partner PWC Sri Lanka, Former SEC Commissioner, Former President of Institute of Chartered Accountants of Sri Lanka was talking about Anilana with much appreciation at Anilana Launch enjoying the cocktail circles Very Happy Laughing bounce

bullrun

bullrun
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Hello MarketWitch,
Please change your face. I will find a nice girl instead. Coz we want to see the forum at night too!

econ

econ
Global Moderator
It seems that Anilana guys try to collect money from ordinary public and build hotels. Still they have no recordered operational income as per the prospectus. Their prospectus is full of future hotel plans similar to future wood in Tochwood.



Last edited by econ on Sat Jun 08, 2013 7:43 am; edited 1 time in total

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Nicely printed Prospectus. Areal views of never seen beautiful lagoons , beaches and islets in our country .

As per the page 36 cost of their land holding is 197 million rupees.
That was revalued to 2230 millon. ( 197 -> 2230 )

They have issued 129.6 million bonus shares to capitalized 1295 million form it. Rest is carried forward as surplus .

They also have issued 17.4 million shares considering other holding and expenditure to the owners.

Hence a total of 147 million shares issued at the initial stage.

Approx. cost for 147 million share is Rs. 196 million .
(overheads not considered. )

Then they have issued 100 million shares for cash @ 10/- ( Cost Rs. 1000 million)
By share split they have increased the number of shares from 247 m to 329.3 million.
Again issued 13.14 million shares @ 10/- ( cost 131.4 million)

No of shares at the moment is 342.48million

Total cost is 196 + 1000 + 131.4 = Rs.1327 million .
Approx . cost per share = 1327 / 342 = Rs.3.87. Say 4/-

Time factor not considered.

At IPO 80 million shares @ 12/- = Rs. 960 million expected.

12/4 = 3 times

Although they have revalued 196 million to 1295 million worth shares (6 times)
consequent share issued for cash reduced the IPO price / cur.val ratio to 3. ( 12 / 4 = 3)

If we consider post war price escalations of lands in the project areas and development done by the company so far, 3 times is acceptable.

This is not a buy signal. The prospectus is full of future plans.






MarketWitch

MarketWitch
Stock Analytic
Stock Analytic
@Chinwi wrote:Nicely printed Prospectus. Areal views of never seen beautiful lagoons , beaches and islets in our country .


Hey Chinwi...Your Analysis is good...but look at How A.C. Seneviratne - a common director had authorised to pull out money from Anilana to other entities...Page 85- 87..Related party Transactions.Anilana group yet to receive Rs.287.3 million and Anilana company alone yet to receive Rs.581.5 million from others in big time.

Sampath Bank had lend over Rs.531 million on two Mortgage Bonds for Nilaweli land and Passikuda land of Anilana.

Page 83. Entire investments made in subsidiary companies that own lands is only little over Rs.148.59 million as at 31 March 2012 but Directors valuation is Rs.1,263.37 million (1.26 billion)


Page 81-82 Freehold Land of the of the company had been revalued on 11 August 2011,12 August 2011,23 December 2011,23 December 2011, and 20 March 2012 by Ariyathilake & Company - Chartered Valuer.

-Although the war was ended in 2009 with Ceylinco crisis that had over 100 realestate companies Sri Lanka's land sector didn't appreciate much, 2008 at the peak of Primary Mortgage Crisis a perch at Kollpity-Collpity was Rs.7.5 million then in 2009 it came down to Rs.3.2 to Rs.3.6 million but now again at the Rs.7 million rate.-

Average Sri Lanka's Land appreciation value is considered to be only a 20% increase after the war...ask from Overseas Realty and Havelock City and Prime Lands.

So Rs.148,591,240/- (148.5 million) will only increase upto a maximum of Rs.324,356,041.85 (324.35 million) from May 2009 (May 19 End of War) to May 2013 (Four Year Period).

On the other hand East Coast still doesn't even have elctricity completely only some main areas have road access and not many amneties...I have personally visited.

Beauty is... former Ceylinco Group owned Ceylinco Investments Corporation Ltd - a company that accepted fixed deposits from High Net-worths without a finance license for real estate projects of Ceylinco is now under Asanga!

Some insiders from Nation Lanka says he (Asanga) has unethically transfered the ownership of Millenium City (Millenium Developers) one of the biggest real estate projects of Ceylinco (owned by former Ceylinco Finance now Nation Lanka) to himself.




Last edited by MarketWitch on Sat Jun 08, 2013 1:09 pm; edited 1 time in total

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@ marketwitch,

My intention was not to whitewash any person or the issue itself.
I wanted to give different point of view and to show the over valuation of lands is not affecting in the mammoth way we think due to issuing of 100 million shares later.

Yes, the land prices valued at exorbitant rates are not realistic. I have no updated info but when we tried to buy beachfront lands at Kalpitiya they asked us many laks per perch. The same land was offered @ 30,000 before 2009. Now I think the prices have come down sharply to original level.

By the way, there are other hotel stock with partly built buildings trading below asset value and at 50 % discount to IPO value at the moment. ( CITW)
Even CITK is more attractive to me .

Their valuation of kalpitiya land is much better. They bought 35 acres for 169 million. 4.8 million per Acre. Even now this is the rate. 30,000 pp.

Comparison: Vakarai Anilana bear land 21 acres = 313 Million. 14 milion per Acre.

Arena


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Very correct Chinwi.

One article said Mr. AS bought some of the lands in 2005 where people sold lands for bananas. So the revaluation will be much higher than we expect. No point of blaming him that is his talent and the visionary thinking.

As per the article Mr. AS and his daughter was the first to visit these was affected areas after 18th may 2009 with the intention of buying beach lands. Any way now they reap the benifit and sooner will become the major shareholders of a reputed hotel chain.

But business is not beautiful as we think. Lets wait and see......................

Burpy


Senior Equity Analytic
Senior Equity Analytic
• According to the Anilana Prospects, in February 2011 they have issued 100,000,000 shares and raised one billion rupees (at Rs 10/- per share). The total number of shares outstanding after this issue was 247,005,825. Investors of this private placement was given 40.48% stake. The implied post private placement equity valuation of the company was Rs 2,470,058,250.

• Subsequently there has been a share split and the number of shares of the company has been increased to 329,341,100.

• In September 2012, company has again issued 13,142,500 shares amounting to 3.8% stake for Rs 10/- per share. The implied equity valuation of this share issue is Rs 3,424,836,000. An increase of 38% in one and half years.

• In May 2013 company announces issuance of 80,000,000 shares at Rs 12 per share. The implied valuation of this share issue amounts to Rs 5,069,803,200. Which is a 48% increase in just nine months!

The problem is under new companies law you can manipulate price. and number of shares and make it lok as as you are issueing at the same price as there is no par value per share.

confused

kukumarx


Manager - Equity Analytics
Manager - Equity Analytics
The discussions going on prove the value of this forum for "analytic" investors. After the ACAP IPO these discussions took place as "post mortem" discussions. By which it was too late.

Am really happy to see these facts come out before the IPO.

However lots of investors will be seduced by the big talk and the attractive prospectus (emotional investors) and give the IPO an over subscription.

K.Haputantri

K.Haputantri
Co-Admin
?What would be the fate of IPO buyers when cost of pre-IPO share is Rs:4/= , 1/3 of IPO price. May be one can buy the same below IPO price later.

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Did we take count of the debts to be paid to the banks?

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
Where were you all this time?

I hope you will contribute more with likewise analysis for other shares.

@Burpy wrote:• According to the Anilana Prospects, in February 2011 they have issued 100,000,000 shares and raised one billion rupees (at Rs 10/- per share). The total number of shares outstanding after this issue was 247,005,825. Investors of this private placement was given 40.48% stake. The implied post private placement equity valuation of the company was Rs 2,470,058,250.

• Subsequently there has been a share split and the number of shares of the company has been increased to 329,341,100.

• In September 2012, company has again issued 13,142,500 shares amounting to 3.8% stake for Rs 10/- per share. The implied equity valuation of this share issue is Rs 3,424,836,000. An increase of 38% in one and half years.

• In May 2013 company announces issuance of 80,000,000 shares at Rs 12 per share. The implied valuation of this share issue amounts to Rs 5,069,803,200. Which is a 48% increase in just nine months!

The problem is under new companies law you can manipulate price. and number of shares and make it lok as as you are issueing at the same price as there is no par value per share.

confused

Burpy


Senior Equity Analytic
Senior Equity Analytic
It is surprising that the privte placement investors have not monitored how the proceeds were used. It looks like a large share of the private placement monies were routed to other group companies. can we expect the proceeds of the IPO to be used in same manner ?



Last edited by Burpy on Sat Jun 08, 2013 2:20 pm; edited 1 time in total

MarketWitch

MarketWitch
Stock Analytic
Stock Analytic
By the way no matter how many shares any company issues...the owners of a company don't have to personally put them.They only have to pay the Stamp Duty for Inland Revenue and relevant charges for company registrar.

2006 Amendment to Stamp Duty act notes that for every Issue,Transfer or assignment of any
shares of a company the owners have to pay only Rs. 5/- for every Rs. 1000/- or part
thereof.

That means for an one billion worth of shares Assanga had to pay only Rs.5 million as stamp duty and charges for secretaries to raise capital.So for Rs.2.5 billion it will only be Rs.12.5 million stamp duty.

He can continue to issue more shares even Rs.100,000,000 (100 million) more Rs.500,000 of stamp duty and issue shares and raise free capital to the company by selling them.

Link for stamp duty details http://www.ird.gov.lk/taxtypes/SD%20guide.pdf

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
I’m not interested with this IPO only because of short to medium term earning potentials.

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
I am skeptical about those " දෙන්නම් කජු " kind of share offers. Very Happy

celtic tiger


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
This is a investment take at least 5 years to bear fruit. If you are bullish on hotel stocks, there are plenty of hotel chains with open doors than bare lands.
If you take KHL and value their land,building,brand name they built over the years,KHL worth much more than Rs 13. why do you buy anilana??just because of land value!

Burpy


Senior Equity Analytic
Senior Equity Analytic
I wonder whether what is the rationale for Anilana to give the shareholder list as at some date in February, when financials are given for March 31 and the Prospectus is dated June 2013.

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
@Burpy wrote:I wonder whether what is the rationale for Anilana to give the shareholder list as at some date in February, when financials are given for March 31 and the Prospectus is dated June 2013.

In few years time whether we can expect like another PCHouse chain stories?

rainmaker


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
It's is an IPO for larger investors who want a stake in a firm that caters for Eastern coast properties.

The increase in shares would have been a mechanism to reward initial shareholders without paying out dividends.

I would see it as a good trading opportunity in the first year since majority of the shares are locked up... hence wouldn't be like SEXPO ... sorry EXPO Wink

Burpy


Senior Equity Analytic
Senior Equity Analytic
yes. do we have another Dilith Jayaweera ? rabbit

gamaya


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Marketwitch,
Thanks for the valuable info.
Seems like the IPO was rejected by previous SEC management.

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@gamaya wrote:Marketwitch,
Thanks for the valuable info.
Seems like the IPO was rejected by previous SEC management.


Gamaya,

Do you know who is this witch ?

KDDND

KDDND
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
I have some reason [personal reasons & lack of confidence of the information of this IPO] to stay away from this IPO!
GL! for all who will subscribes!



Last edited by KDDND on Sun Jun 09, 2013 4:24 pm; edited 1 time in total (Reason for editing : meaning improvement)

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