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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Amãna Bank goes for IPO and listing on the Bourse

Amãna Bank goes for IPO and listing on the Bourse

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Slstock


Director - Equity Analytics
Director - Equity Analytics
Here you go 2012 and 2011 annual reports.

http://research.srilankaequity.com/t859-amana-bank-annual-reports#979


Jiggy : be mindful of your language as it can demean some people


Jiggysaurus


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
This cannot be categorized as a bank, it is more of seetu scheme catering to a specific (whatever) following a (whatever) law.

The CBSL will need to answer why this is being allowed to publicly list. This is a seetu scheme/finance company following an ancient stone age law and catering to a specific (whatever).

Anybody promoting this will need to answer some questions
1) Why is the chairman starting his statement with a religious (whatever) mantharey? Not even BFL or PCH does this in their annual report.
2) Why is a seetu scheme following an ancient barbaric law allowed to raise money from peeple who don't have any knowledge or know the dangers of this law?
3) The employment in this "bank" seems to be based on racism. More than 90% of the directors and senior management are from a specific (whatever). How many Sinhalese and Tamils are employed in this so called bank?

Gaudente


Senior Equity Analytic
Senior Equity Analytic
according to the linked 2012 AR they have 0.16 EPS and BV of 3.40 rupees. Only an idiot could pay 7 rupees for such crap

Zaiban


Senior Equity Analytic
Senior Equity Analytic
@Jiggysaurus wrote:This cannot be categorized as a bank, it is more of seetu scheme catering to a specific (whatever) following a (whatever) law.

The CBSL will need to answer why this is being allowed to publicly list. This is a seetu scheme/finance company following an ancient stone age law and catering to a specific (whatever).

Anybody promoting this will need to answer some questions
1) Why is the chairman starting his statement with a religious (whatever) mantharey? Not even BFL or PCH does this in their annual report.
2) Why is a seetu scheme following an ancient barbaric law allowed to raise money from peeple who don't have any knowledge or know the dangers of this law?
3) The employment in this "bank" seems to be based on racism. More than 90% of the directors and senior management are from a specific (whatever). How many Sinhalese and Tamils are employed in this so called bank?
Dear Jiggy... u will never learn i guess.... maybe u shud tell everyone y u have sooo much hatred towards muslims and islam.... about ur research on anti islamic sites coz.... ur ex girl friend... errrm who happens to be muslim dumping u.... and u errrrrrmmm........ maybe i shud stop now....

please don't use ur personal agendas and ruin this forum.... please admins... moderators.... u shud stop such jokers on this forum... as this is not a forum for racial hatred... but to discuss the share market....

Jiggysaurus


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Zaiban wrote:

please don't use ur personal agendas and ruin this forum.... please admins... moderators.... u shud stop such jokers on this forum... as this is not a forum for racial hatred... but to discuss the share market....
I'm discussing an IPO that is coming on to the share market.
The problem is that this is a dangerous racist seetu scheme that can suck retailer money. (After the IPO fails, in 2016 someone will come and defend the managers saying they are "god fearing peeples")
There is no personal agenda i'm highlighting a dangerous problem with this IPO. Why don't you answer the 3 questions i've asked instead of the usual cult tactic of changing the subject

hariesha


Vice President - Equity Analytics
Vice President - Equity Analytics
@Gaudente wrote:according to the linked 2012 AR they have 0.16 EPS and BV of 3.40 rupees. Only an idiot could pay 7 rupees for such crap
The above figures are almost one year back. Probably now they have better ratios, unless they have gone for a share split after 31st Dec. 2012. If NAV has improved to around Rs.5/- offer price of Rs.7/- is reasonable.

hariesha


Vice President - Equity Analytics
Vice President - Equity Analytics
@Jiggysaurus wrote:This cannot be categorized as a bank, it is more of seetu scheme catering to a specific (whatever) following a (whatever) law.

The CBSL will need to answer why this is being allowed to publicly list. This is a seetu scheme/finance company following an ancient stone age law and catering to a specific (whatever).

Anybody promoting this will need to answer some questions
1) Why is the chairman starting his statement with a religious (whatever) mantharey? Not even BFL or PCH does this in their annual report.
2) Why is a seetu scheme following an ancient barbaric law allowed to raise money from peeple who don't have any knowledge or know the dangers of this law?
3) The employment in this "bank" seems to be based on racism. More than 90% of the directors and senior management are from a specific (whatever). How many Sinhalese and Tamils are employed in this so called bank?
Sorry mate, couldn't find any Sinhalese or Tamil in the shareholder list. But there are some hybrid varieties in the shareholder list.

16. Mr. Mohamed Kali Mudiyanselegedara Seyed Mohamed Rasan 3,500,000 0.4
17. Mr. Rajubudeen Kali Mudiyansalagedara Seyed Mohamed 3,500,000 0.4
18. Mr. Razeek Kali Mudiyanselegedara Seyed Mohamed 3,500,000 0.4

But as this entity is operating on a particular religious concept it's quite normal to have people of that faith as promoters. But after the IPO we may see few guys from other faiths as well.

hariesha


Vice President - Equity Analytics
Vice President - Equity Analytics
@hariesha wrote:
@Gaudente wrote:according to the linked 2012 AR they have 0.16 EPS and BV of 3.40 rupees. Only an idiot could pay 7 rupees for such crap
The above figures are almost one year back. Probably now they have better ratios, unless they have gone for a share split after 31st Dec. 2012. If NAV has improved to around Rs.5/- offer price of Rs.7/- is reasonable.
Further their last rights issue also at Rs.7/-. So after eight months issuing shares at the same price is reasonable providing things not deteriorated in between.

anges


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
hope it wont be another expo,softlogic,flch,bil????????? be smart guys

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@hariesha wrote:
@Gaudente wrote:according to the linked 2012 AR they have 0.16 EPS and BV of 3.40 rupees. Only an idiot could pay 7 rupees for such crap
The above figures are almost one year back. Probably now they have better ratios, unless they have gone for a share split after 31st Dec. 2012. If NAV has improved to around Rs.5/- offer price of Rs.7/- is reasonable.
I doubt a serious increase in EPS is there for the current year..

Banks are all about PBV multiples.. At an offer price of 7, if NAV is 5, PBV is 1.4 and looks attractive.. Then again, their assets should improve a lot to be closet to 5. The problem is the niche market they operate in.. How much of an improvement are we bargaining for?

On the other hand, we cannot expect any bank to offer a less price either... This is the cheapest bank in offer now.. But still I'm on the fence of their growth.

To me, at 10.20, a financial institute such as COCR is a better bargain than this.. We know their growth and abilities.

Known devil is better than unknown God, I say...

Not to discourage anyone of this IPO - but do ur simple analysis first..

Lets see what our seniors have to say about this too..

hariesha


Vice President - Equity Analytics
Vice President - Equity Analytics
@smallville wrote:

To me, at 10.20, a financial institute such as COCR is a better bargain than this.. We know their growth and abilities.

Known devil is better than unknown God, I say...

Can you please explain?

Champ is Back


Senior Equity Analytic
Senior Equity Analytic
@Jiggysaurus wrote:This cannot be categorized as a bank, it is more of seetu scheme catering to a specific (whatever) following a (whatever) law.

The CBSL will need to answer why this is being allowed to publicly list. This is a seetu scheme/finance company following an ancient stone age law and catering to a specific (whatever).

Anybody promoting this will need to answer some questions
1) Why is the chairman starting his statement with a religious (whatever) mantharey? Not even BFL or PCH does this in their annual report.
2) Why is a seetu scheme following an ancient barbaric law allowed to raise money from peeple who don't have any knowledge or know the dangers of this law?
3) The employment in this "bank" seems to be based on racism. More than 90% of the directors and senior management are from a specific (whatever). How many Sinhalese and Tamils are employed in this so called bank?
I think you are too late bro.... Because You could have been asked above queries for the ATL.N0000 as well. Those answers should be the answers for the above requested queries. Don't waste your time with these types of silly nonsense. I can answer you but never i will do. Because you are not in a position to understand.

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
http://www.cse.lk/pdf/amana_pros.pdf

Jiggysaurus

Jiggysaurus
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
At least the prospectus doesn't have any manthareys or salutations like the AR.
But the prospectus clearly shows that this is a seetu scheme conducted for the benefit of a certain (whatever)
Amãna Bank goes for IPO and listing on the Bourse - Page 2 Amana10

Pages 156-160 of the prospectus clearly show that only a certain (whatever) peeples have only been given shares in this seetu scheme. There is not a single Sinhalese or tamil in that list.
So this seetu scheme which is loss making is now asking money from non cult peeples because they are loss making and can't meet central bank capital requirements?
Since this is a seetu scheme for the benefit of only a certain group this should have been kept as a private company and money should only be raised from peeple who believe in the (whatever) law this is based on.

This IPO is like a butcher shop asking for donations from the village temple in order to expand. (The butcher shop has every right to do business and expand as does Amana Bank but don't trick ill informed retailers into putting their hard earned money into a loss making seetu scheme)

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
As per my understanding, this bank is not following the general banking laws and practices.

It has to follow the guidelines and laws given in Islam and they have specific units in the bank to monitor it . I have no complains about it whatsoever because I believe and practice co-existent.

My question is,
If I do not believe in a creator God or follow orders given by such a God,  have I got ethical rights to own such an institute which is strongly functioning as per the teachings of such a God ?

When the owners are aware that someone does not believe their God or practice his laws how can they invite such a person to share their wealth ?

Jiggysaurus

Jiggysaurus
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Chinwi wrote:
My question is,
If I do not believe in a creator God or follow orders given by such a God,  have I got ethical rights to own such an institute which is strongly functioning as per the teachings of such a God ?

When the owners are aware that someone does not believe their God or practice his laws how can they invite such a person to share their wealth ?
Finally, I've been putting up with attacks from cult members till someone else raised this point.

The reason the owners of this seetu scheme are inviting non-beleivers (infidels or whatever) to share in their scheme is because they are making losses and are unable to meet central bank capital requirements.

The Alchemist


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Chinwi wrote:
My question is,
If I do not believe in a creator God or follow orders given by such a God,  have I got ethical rights to own such an institute which is strongly functioning as per the teachings of such a God ?

When the owners are aware that someone does not believe their God or practice his laws how can they invite such a person to share their wealth ?
interesting questions, chinwi.

wheather one has the ethical right or not will depend on the individual.    

for eg, say if a buddhist, following the teachings of the Lord Buddha, has no ethical issue in investing in say DIST, then just to be consistent, he should also have no ethical issue in investing in a company that functions on the teachings of a God, he does not believe in.

I guess the owners are free to invite anyone to share their wealth (or lack of it in this case?) !
inviting is one thing. accepting the invitation is quite another !

maybe they have to list due to the Banking Act to list all private banks before a certain date.
i dont think they have an option to remain private due to this listing regulation.
also they dont have an option to pick and chose selectively whom to offer during an IPO.

owners of businesses of other faiths offer their shares to people of other faiths. so buddhists, hindu's and christians owners offer shares in their company to muslim people, in order to share their wealth, and still do not believe in their god. so fair enough for muslim owners to offer share their wealth (or lack thereof) & their shares to people of other faiths & religions who do not believe in their god.  

Hope i've answered your questions.

btw, i have not read the prospectus and not interested one bit in this share.

Jiggysaurus

Jiggysaurus
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@The Alchemist wrote:
maybe they have to list due to the Banking Act to list all private banks before a certain date.
i dont think they have an option to remain private due to this listing regulation.
also they dont have an option to pick and chose selectively whom to offer during an IPO.

Since these are "god fearing peeples" the ethical solution would be to list via introduction (after doing a private placement among the cult to boost the capital upto central bank requirements)

The reason the owners of this seetu scheme are inviting non-beleivers (infidels or whatever) to share in their scheme is because they are making losses and are unable to meet central bank capital requirements.

glwking

glwking
Manager - Equity Analytics
Manager - Equity Analytics
@Jiggysaurus wrote:
@The Alchemist wrote:
maybe they have to list due to the Banking Act to list all private banks before a certain date.
i dont think they have an option to remain private due to this listing regulation.
also they dont have an option to pick and chose selectively whom to offer during an IPO.

Since these are "god fearing peeples" the ethical solution would be to list via introduction (after doing a private placement among the cult to boost the capital upto central bank requirements)

The reason the owners of this seetu scheme are inviting non-beleivers (infidels or whatever) to share in their scheme is because they are making losses and are unable to meet central bank capital requirements.
Dear Admin/Moderators,

This guy(Jiggy) is always writing his comments to mud sling Muslims and their beliefs. This is not the first incident that he is behaving indecently in this forum. Therefore, I bring this notice to the Admin & Moderators to act immediately and give him a warning. If he is still continue the same manner, the temporary ban is a must as you did in the past to some members.

Thank you

Jiggysaurus

Jiggysaurus
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Any such warnings should come from non-cult admins/moderators like ville, sls and chinwi. In the past i have been censored by monstrous cult moderators for speaking the truth and highlighting the dangers of cults.

I bring this notice to the Admin & Moderators to act immediately and give glwking a warning for trying to whitewash dangerous IPOs like Amana.

Speaking the truth is not mud slinging. Truth hurts.

sandunj


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Didn't see the prospectus forget about the valuations. I feel this IPO will trade positively in 1st day. I don't think anyone let this IPO to follow SHL and TJL. Big people may push the price...
If this also gonna negative IPO it will not a good image for future IPO's and SEC. So i don't think influenced peoples let it to happen. Im not talking about investing in amana but only trading ...

glwking

glwking
Manager - Equity Analytics
Manager - Equity Analytics
@Jiggysaurus wrote:Any such warnings should come from non-cult admins/moderators like ville, sls and chinwi. In the past i have been censored by monstrous cult moderators for speaking the truth and highlighting the dangers of cults.

I bring this notice to the Admin & Moderators to act immediately and give glwking a warning for trying to whitewash dangerous IPOs like Amana.

Speaking the truth is not mud slinging. Truth hurts.

You have freedom to express your opinion in a decent manner. Amana IPO is not the first time you are behaving in indecent manner. Any news related to Muslims, you are coming with the gun. Hence, it's crystal clear about your intention.

I have no connection with Amana. Still I didn't read the prospectus and I have no idea to invest in this company, to be honest.

Islam strictly says, don't insult other religions. As of a follower of Islam, I never hurt other religions and always respect them and their belief. Truth never hurt. But your intention is to hurt the followers of Islam.

I generally made this request to all admins/moderators. But I am expecting a fair reply from your favorite moderators smallville, slstock or chinwi.

Fresher


Moderator
Moderator
I'll leave the request to the admins.

As for the substance I have to agree with Jiggy and Alchemist.

Had a quick look at the financials and they have turned to losses with not such a good asset-liability match for me to make profits in future.
Also I think 7/- is too much in my opinion given their NAV and we can buy other profitable solid "pure" banks for cheaper price in the secondary market.

While I cannot dispute the facts presented by Jiggy, that does not concern me. As Alchemist said, inviting is one thing, accepting is another. As with earlier IPO's and the recent drought of IPOs I'm guessing there will be enough retailers buying this just to "buy form an IPO"

Jiggysaurus

Jiggysaurus
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@glwking wrote:

Islam strictly says, don't insult other religions. As of a follower of Islam, I never hurt other religions and always respect them and their belief. Truth never hurt. But your intention is to hurt the followers of Islam.

This is not the Saudi or Afghan equity forum nor are we under the diyabariya law (yet) you cannot come and ask for censorship and special protection for your (whatever).

We have seen how EXPO and Amana are defended and whitewashed by your (whatever) members and we have seen how BFL and PCH were promoted by your (whatever) member.

The same way, in Sri-Lanka we have the right to talk about and ask tough questions about dangerous beleifs and dangerous IPOs.

If you are hurt by criticism on online forums either get a thicker skin or stick to censored forums.

Jake Sully

Jake Sully
Manager - Equity Analytics
Manager - Equity Analytics
This is already listed in Maldives stock exchange?
With an NAV of Rs.3.4, can anyone tell me the accounting connection with the bank and ATL?

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