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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » GREG plans to build 32-storey complex

GREG plans to build 32-storey complex

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1GREG plans to build 32-storey complex Empty GREG plans to build 32-storey complex Sun Sep 08, 2013 1:01 am

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
By Azhar Razak

Group suffers Rs.225.3m loss in FY 2013

Chairman of Environmental Resources Investment Plc (GREG) Lalith Heengama has recently said that a blue print for the construction of 32-storey complex at Colombo City Holdings Plc (formerly known as Colombo Pharmacy Company Plc), remains under consideration with analysis continuing on the best uses for the Bambalapitiya IC Drugs premises.

Addressing shareholders at the release of the GREG Annual Report 2012/13, Heengama noted that Colombo Pharmacy Company had underwent an extensive refurbishment program and was able to achieve its objective of obtaining a higher total income from the renting of space at the Union Place.

“It was observed that the Company continued to incur losses from its main pharmaceutical business. The Board decided to discontinue the pharmacy with the approval of the shareholders and to concentrate on property development,” Heengama said.

Meanwhile, the Chairman announced that the balance due on the sale of ERI Shares to Photon Global Ltd. in BVI was received in the early part of the fourth quarter with the proceeds from this collection deployed into a significant investment in Browns Investments PLC.

“A series of market transactions resulted in Lionhart Investments becoming a minor shareholder and Taprobane Holdings (28.91%) and Caledonian Securities (27.72%) becoming major shareholders,” he said. Heengama also added that Ceylon Leather Products Plc (CLPL), which was the first ERI acquisition of distressed companies continued to progress during the year whilst South Asia Textiles, whose major shareholder is CLPL, has been able to record a profit for the first time after several years.

“Dankotuwa Porcelain PLC., which was facing a threat of liquidation prior to the acquisition by ERI, has been able to turnaround within three years. After several years, Dankotuwa Porcelain PLC declared a dividend this year. This was possible as a result of higher margins and profits gained from finding new markets for Dankotuwa products,” the Chairman further noted.

GREG has, however, suffered a loss of Rs.225.3 million for the year ended March 31, 2013 compared to a profit of Rs.75.9 million witnessed in the same period of the previous year.
http://www.nation.lk/edition

yellow knife


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
I still remember East West hotel project and revaluation of assets and the declaration of a dividend and the price band of it.

East West was trading at 10.00 or below then. All of sudden I read an article in a news paper saying it has revalued its assets and the NET ASSEST PER SHARE is now Rs 30.00.. I loved to buy shares of companies which are trading below net asset value and I loved to buy this share too.. I evaluated the quarter report . Net assets were Rs 12.00. So I bought the share.

Its price went to 14 . Then i sold it. Next came the rights issue.. I bought rights at .10 (ten cents per share) and subscribed at Rs 10.00. Then the hotel project with Mriott Hotel came... Real hotel shares were trading below its net asset value. But East The HOPE OF HOTEL went rocketing up and interventions took place placing band on the share..

Price went up and touched the ceiling every day and no sellers . This trend continued and EAST declared a dividend of Rs .50 (fifty cents). I feared that when the band is listed share will fall and i sold just short of xd date and bagged massive capital gain and had to say good bye to the dividend.

Next Monday EAST sky rocketed.. but after that it came tumbling down..

I recall the same when I see Gregs 32 story building..

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