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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Hemas buys Morison in a Rs. 1.7 bn deal Bourse closes virtually flat

Hemas buys Morison in a Rs. 1.7 bn deal Bourse closes virtually flat

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sriranga

sriranga
Co-Admin
Hemas Holdings yesterday took control of the old established J.L. Morison Sons & Jones in a Stock Exchange transaction worth over Rs.1.7 billon with nearly 4.2 million voting shares crossed at Rs.366.50 in a long expected deal.

Hemas Holdings PLC yesterday announced its purchase of a 71.5% voting stake and a 50% non-voting stake in J.L. Morison Son & Jones (Ceylon) PLC (JLM) valued at Rs. 1.7 Bn.

The Incumbent Chairman, R. Abeyawira, who has been part of the JLM Group for 61 years and due to retire from the business says, "When the time came for us to look for a new parent for the business, our priority was to find the right partner, a party capable of taking the business forward. Having discussed with several prospective partners, we selected Hemas since it has the best fit with our business portfolio and is capable of taking this business to greater heights, building on our people-oriented culture and values".

CEO of Hemas Holdings PLC., Husein Esufally said, "We look forward to working closely with the team at JLM bringing our deep insights into consumer and pharmaceutical business, helping to develop JLM as a leading consumer and wellness company"

Despite turnover yesterday topping Rs.2.5 billion largely on account of the Morison’s deal, the market closed marginally down though turnover was up from the previous day’s Rs.906.1 million, with the all Share Price Index losing 0.69 points (0.01%) and S&P SL20 down 4.6 points (0.13%) with 114 gainers slightly ahead of 108 losers while 90 counters closed flat.

Apart from the Morison’s crossings involving 4.15 million voting shares done at Rs. 366.50 contributing over Rs.1.5 billion to turnover and nearly 0.6 million non-voting shares at Rs.219.70 generating Rs.129.6 million, there were block trades of 0.9 million Lanka Tiles crossed at Rs.80 per share contributing Rs.72 million and one million CT Land crossed at Rs.32 contributing Rs.32 million to the day’s business volume.

Brokers said that the Morison’s sale had been under negotiation for nearly two years and explained that floor trades in the share (both voting and non-voting) were at lower levels than the big blocks that changed the company’s ownership. This was due to some investors opting for cash now against the higher mandatory price that will follow some weeks later.

"During early trading there was speculation on at what price the deal would eventually go through," a broker said. "But even after it was completed, some sellers opted for cash now rather than wait six weeks for the mandatory offer to be concluded at a higher price."

Chevron Lubricants was the biggest turnover generator on the trading floor with over 0.4 million shares done closing Rs.1.90 up at Rs.320 on a trading range of Rs.318 and Rs.323. The counter contributed Rs.142.1 million to turnover.

Morison’s non-voting share moved up sharply by Rs.34 to close at Rs.219.10 on nearly 0.4 million done between Rs.179.10 and Rs.221 contributing Rs.80.5 million to turnover. The voting share gained Rs.37.20 to close at Rs.349 on 0.1 million shares done between Rs.312 and Rs.358.80 generating a turnover of Rs.36.3 million.

Nation Lanka Finance saw strong volume with nearly 6.8 million shares done between Rs.10.60 and Rs.12.10 closing 90 cents down at Rs.10.90 contributing Rs.77.8 million to the day’s turnover.

JKH continued to edge down closing Rs.1.60 down at Rs.287 on nearly 0.2 million shares done between Rs.286 and Rs.288.60 turning over Rs.52.4 million.

Other counters demonstrating both volume and price gains included Colombo Land up Rs.1.10 to Rs.53.70 on 0.6 million shares, Lanka Tiles up Rs.4 to Rs.79 on 0.3 million shares, Tokyo (non-voting) up 90 cents to Rs.20 on nearly 1.1 million shares, Hemas Holdings up Rs.1.90 to Rs.26.90 on over 0.5 million shares and Distilleries up Rs.3.90 to Rs.204 on 94,321 shares.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=80191



Last edited by sriranga on Fri May 31, 2013 3:19 am; edited 1 time in total

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

MarketSIRA


Senior Equity Analytic
Senior Equity Analytic
http://www.cse.lk/cmt/upload_cse_announcements/6171369919641_.pdf

COMPANY ANALYSIS

According to the Consolidated - Non-Audited financial statement for the first three cumulated quarters of 2012, total net operating revenues increased with 1.91%, from LKR 2,139,364 thousands to LKR 2,180,300 thousands. Operating result decreased from LKR 300,862 thousands to LKR 191,152 thousands which means -36.47% change.

The results of the period decreased -45.91% reaching LKR 128,681 thousands at the end of the period against LKR 237,902 thousands last year. Return on equity (Net income/Total equity) went from 18.74% to 7.21%, the Return On Asset (Net income / Total Asset) went from 12.12% to 4.95% and the Net Profit Margin (Net Income/Net Sales) went from 11.12% to 5.90% when compared to the same period of last year.

The Debt to Equity Ratio (Total Liabilities/Equity) was 45.55% compared to 54.61% of last year. Finally, the Current Ratio (Current Assets/Current Liabilities) went from 2.59 to 2.43 when compared to the previous year.

OUTGOING KEY EXECUTIVES

R. Abeyawira Chairman
Nihal P.De Alwis Samaranayake Managing Director
A. M. Prematilleke Director
N. C. Keppetiwalan Director
S. I. Abeyawira Director


NEW OWNERS

Mr. H N Esufally
Chief Executive Officer
Mr. Husein Esufally serves as the Chief Executive Officer of Hemas Holdings PLC. He was appointed as the Chairman of Hemas Power PLC in 2009 and stepped down from that Office in March 2012. Mr. Esufally was appointed a member of the Board of Management of the Postgraduate Institute of Management in March this year. Mr. Esufally has over 28 years of management experience and holds a BSc (Honours) Degree in Electronics from the University of Sussex, UK.

Mr. A N Esufally
Non-Executive Director
UMr. Abbas Esufally is a Fellow of the Institute of Chartered Accountants of England and Wales and the Institute of Chartered Accountants of Sri Lanka and is an all Island Justice of Peace. He serves as Chairman of Serendib Hotels PLC and Dolphin Hotels PLC. He has experience of over 30 years in Sri Lanka and overseas and has been in the forefront of the leisure industry in Sri Lanka. He is the Honorary Consul General of Bhutan in Sri Lanka.

Mr. I A H Esufally
Executive Director
Mr. Imtiaz Esufally holds a Bachelor of Arts (Honours) degree in Accounting and Economics from the University of Kent , UK. He has over 25 years management experience and has been in the forefront of the aviation industry. Mr. Esufally is Chairman of the Transportation Sector and is on the board of Mercantile Shipping PLC. He was elected as Chairman of Hemas Power PLC in April 2012

Mr. M A H Esufally
Executive Director
Mr. Murtaza Esufally holds a Bachelor of Law degree from the University of Essex, UK. He is a Barrister-at-Law (Lincoln’s Inn) and is an Attorney-at-Law of the Supreme Court of Sri Lanka. He has an Executive MBA from the Melbourne Business School. He has over 17 years of Senior management experience. He is also the Chairman of Hemas Hospitals (Pvt) Ltd and Hemas Pharmaceuticals (Pvt) Ltd, subsidiaries of Hemas Holdings PLC.

3Hemas buys Morison in a Rs. 1.7 bn deal Bourse closes virtually flat Empty Acquisition of J L Morision by Hemas Fri May 31, 2013 12:37 am

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
http://www.ft.lk/2013/05/31/hemas-takes-control-of-j-l-morison-for-rs-1-7-b/

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