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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » PC House chairman complains to SEC on recent share deal

PC House chairman complains to SEC on recent share deal

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sriranga

sriranga
Co-Admin
PCH Holdings (PCH) Chairman S.H.M. Rishan has written to the Securities and Exchange Commission (SEC) complaining that the recent share transaction in a PCH subsidiary, PC Pharma, was unethical, SEC sources said.

British American Technologies Ltd., (BAT) acquired a 24 per cent stake or 24.4 million shares at Rs. 1.50 per share in PC Pharma early last week and Mr. Rishan in a letter, through his lawyers to the SEC, has said that despite him having a buyer at a better price, his broking firm, LOLC Stockbrokers sold this stake at a lower amount to BAT. The original stake in this company of PCH was 51.6 per cent whilst Mr. Rishan held 35 per cent stake as at 31 March 2013.

PC Pharma shares were lodged at LOLC broking unit and when the share price started to fall, LOLC was faced with margin calls (which are demands by a broker that an investor deposit further cash or securities to cover possible losses). The firm was under pressure to sell, according to sources close to LOLC. Mr. Rishan is requesting the SEC to reverse this transaction.

PCH itself has seen a large number of transactions by directors, in recent times with some brokers suggesting that this may be selling to cover other debts.
http://www.sundaytimes.lk/130811/business-times/pc-house-chairman-complains-to-sec-on-recent-share-deal-55919.html

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

jegan.jegan.98499


Stock Trader
is there any posibility of increase PCH share price from 1.20

sureshot

sureshot
Vice President - Equity Analytics
Vice President - Equity Analytics
Mr.Rishan Your are one, who spoiled the CSE.

hariesha


Vice President - Equity Analytics
Vice President - Equity Analytics
@jegan.jegan.98499 wrote:is there any posibility of increase PCH share price from 1.20
It's about PCP, not PCH.

If Rishan totally exit from PCP it's worth. But I think there's more to sell.

Sidath

Sidath
Manager - Equity Analytics
Manager - Equity Analytics
this is what happens when thieves fall out

m2_yapa

m2_yapa
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Appata hudu. Or mondam!
Rishan Apita arala arala kawuda buwek Rishantath arala.
Many cheeres to Rishan.

Hawk Eye

Hawk Eye
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Watch this phrase in the letter which shows Rishans intension to sell PCP.
".........Mr. Rishan in a letter, through his lawyers to the SEC, has said that despite him having a buyer at a better price"...

these transactions shows including Senthilvels transaction in PCHH that a private pledging going on and Rishan is in trouble. I dont see Snthil and BAT are on a longterm strategic investment with PCH

There is a news that PCH has fetched a 100mn SAP related project. Normally PCH will boast these things in news papers but keeping silent.

Somehow everyone who is getting involved in PCH Group has to send the shares up.

Jiggysaurus

Jiggysaurus
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Hawk Eye wrote:

There is a news that PCH has fetched a 100mn SAP related project. Normally PCH will boast these things in news papers but keeping silent.

What donkey would give a SAP project to crap house? Maybe it's a project to build a toilet.

gamaya


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
This man should be behind behind bars 4 insider trading just before the rights issue of PCH.

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