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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Adam Investments zeroes in on PCH Holdings group biz with Rs. 179 m buy

Adam Investments zeroes in on PCH Holdings group biz with Rs. 179 m buy

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sriranga

sriranga
Co-Admin
* Triggers Takeovers Code by upping stake to over 30% in PCHH and Orient Garments

* Chairman Rishan fast losing control as losses mount; Finco exits from both ventures


Adam Investments zeroes in on PCH Holdings group biz with Rs. 179 m buy 02910

Adam Investments Ltd. is reinforcing itself as the latest hunter of acquisitions as it zeroed in further on troubled PCH Holdings PLC with two separate investments worth around Rs. 179 million.

In separate deals, Adam Investments Ltd., yesterday bought 25.5 million shares amounting to 10.12% stake in PCH Holdings for Rs. 51 million. This acquisition saw Adam Investments triggering the SEC Takeovers and Mergers Code with a collective stake of 31% as it previously held 20.76% stake.

The price paid for the loss making PCHH yesterday was Rs. 2 per share, 30 cents above last week’s closing. Its 52-week highest price was Rs. 9. Net asset per share is a negative 10 cents. The seller was Finco Holdings Ltd.

Adam Investments Ltd. also bought around 29% stake in Orient Garments PLC, under the PC House Holdings PLC., for Rs. 128 million paying Rs. 8 per share. Previously it held 10% stake. Sellers were Finco Group (16%) and 14% held by PCHH and Orient Garments Chairman S.H.M. Rishan’s stake and pledged to Merchant Bank. As at end September PCHH held 39.3% stake in Orient Garments.

Adam Investments is expected to announce separate mandatory offers on both PCHH and Orient Garments.

Adam Investments is also a leading investor in the Colombo Stock Market and presently owns 9% of Ceylon and Foreign Trades PLC which is one of the oldest listed companies trading on the market.

PCHH in the second quarter of FY14 suffered a loss of Rs. 597 million, though down from Rs. 862 million a year earlier. First half losses were Rs. 683 million, up from Rs. 52 million a year earlier.

Chairman Rishan’s Dynaris Holdings Ltd., owns a 39.89% stake in PCHH whilst separately holding a 12% stake. A year ago Dynaris held a 58.7% stake whilst Rishan held a further 11% stake.

Orient Garments suffered a loss of Rs. 144.2 million in the first half of FY14, up from a Rs. 27 million loss.
Apart from PCH Holdings, Dr. T. Senthilverl owns 14.25% stake in Orient Garments.

Last week Dr. Senthuilverl purchased 6 million shares (close to 2% stake) of PC House (PCH) thereby increasing his shareholding in PCH to 11.0%. As at end September 2013, he held 10.26% stake.

In PC House, Rishan holds a 21% stake and Dynaris holds a further 10.7% stake. Since October he has been partly shedding stakes in several related companies.

Adam Investments was incorporated in 2011 by Chairman Dr. Ali Asger Shabbir Gulamhusein, to focus on key growth industries that play a pivotal role in the country’s economy.

The companies that function under Adam Investments are: Adam Apparels Ltd., a premier manufacturer and exporter of garments for leading global fashion labels. For three decades this company has contributed to the largest export earning industry in the island, which despite local and international challenges, has continued to grow steadily year on year.

Adam Metals Ltd., which is one of the oldest manufacturers of metal hardware items in the island, is expertly positioned today to take advantage of the rapidly booming construction/infrastructure development projects in the island. Network Communications Ltd. is the group’s IT/Electronics arm.

With the rapid urbanisation of the island and the Government’s systematic drive to push the ICT industry forward, Network Communications shows a very promising future as a key player in a major Sri Lankan industry of the future.

The group recently inaugurated two new companies, namely Adam Automobiles Ltd. and Adam Air Conditioners Ltd. In 2011 / 2012 Sri Lanka saw its largest ever volume of vehicle imports. Thus Adam
Automobiles was conceived with the aim to provide spares and services to cater to the rapidly increasing demand for these items. 2012 saw a drop in importation of consumer electronics except for three items which were, TVs, mobile phones and air conditioners.

Since the group is already engaged in the importation of TVs and mobile phones through Network Communications Ltd., Adam Air Conditioners Ltd. was inaugurated to tap the growing demand for air conditioning systems in the country.
www.ft.lk

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

Hanoifortune

Hanoifortune
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Mr. Adam and Ms. Eve , It is not a good decision to increase the stake .

Hawk Eye

Hawk Eye
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
I wonder why Mr.Adam had to buy 25.5mn shares of PCHH at Rs2.00/- . He could have collected today this below 1.70 today saving minimum 7.65mn

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
For that volume in one shot he paid the premium?

Hawk Eye

Hawk Eye
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
It looks like another TWOD game. Sending it down then pumping up

ranga


Senior Equity Analytic
Senior Equity Analytic
As at 30/09/2013 they had 52,323,866.
But today with yesterdays purchase they hv only 40,965,470 shares.
Interesting......Question Question Question 

http://www.cse.lk/cmt/uploadAnnounceFiles/5431386056182_1195.pdf

kelum

kelum
Senior Equity Analytic
Senior Equity Analytic
how thay offer mandatory offer for PCHH when they have only 16%.....may be this is another gilmart of ft.lk.

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
@kelum wrote:how thay offer mandatory offer for PCHH when they have only 16%.....may be this is another gilmart of ft.lk.

From above article read the following part

In separate deals, Adam Investments Ltd., yesterday bought 25.5 million shares amounting to 10.12% stake in PCH Holdings for Rs. 51 million. This acquisition saw Adam Investments triggering the SEC Takeovers and Mergers Code with a collective stake of 31% as it previously held 20.76% stake

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
@ranga wrote:As at 30/09/2013 they had 52,323,866.
But today with yesterdays purchase they hv only 40,965,470 shares.
Interesting......Question Question Question 

http://www.cse.lk/cmt/uploadAnnounceFiles/5431386056182_1195.pdf
Valid point friend to consider

kelum

kelum
Senior Equity Analytic
Senior Equity Analytic
Machan Redbulls, today i saw sec has anounced that upto 2nd december,adams have only around 16%.i think after 31st of september adoms had sold some of there stake and yesterday again they brought 10%.if i am wrong please correct me....becouse if they give a mandatory offer we have a good chance to earn atleast 30%.

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
@kelum wrote:Machan Redbulls, today i saw sec has anounced that upto 2nd december,adams have only around 16%.i think after 31st of september adoms had sold some of there stake and yesterday again they brought 10%.if i am wrong please correct me....becouse if they give a mandatory offer we have a good chance to earn atleast 30%.
Confused, wait and see for more clarification is better no?

Fresher


Moderator
Moderator
I think Kelum is correct. Looks like Adam has dumped some of the shares it bought earlier in the open market before buying the 10% @ 2. So they actually crossed 30%

Hanoifortune

Hanoifortune
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Adam related to CFT which is another manipulator.

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
As expected, Adam Investment is also heading for a Public Offering.

If you go to their http://ainv.lk/index.html you can get the hint.
Details not given yet.

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Oh.. AINV... another IPO Twisted Evil 

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
About IPO,

As per the latest info, AINV IPO is a certain.

I think they have a chance to attract investors as they were doing well with their core businesses.

What I cannot understand is , ahead of an IPO , why they are eagerly buying ill fated, outdated PCs. ?

This is like ahead of your marriage you fell in love with a well known 3rd class pros and bring her to your house and not only that, you announce it to your future in laws.

Somehow , those who have missed PCH and PCHH , will get a chance to invest in PCHHH.

gamaya


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Redbulls wrote:For that volume in one shot he paid the premium?
The man is a retired EPF employee..??

seek


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Profile of Adam and Eva Smile

Dr. Gulamhusein serves as Chairman of the board of Adam Investments Ltd. He holds a PhD from Tokyo, Japan and a Degree from King’s College London, UK. He has been bestowed with the prestigious title of “Deshabandhu Manawahithawadhi Lankaputhra” and also serves as advisor to the Ministry of Justice, Ministry of Co-operatives and Internal Trade and as a Justice of Peace (all island). Danushya Gulamhusein is the great-granddaughter of Sir William Gopallawa, Sri Lanka’s first President and last Governor General. Wethasinghe Gulamhusein has served as an Executive Director of Adam Investments from the inception of the company. She holds a degree in Psychology and Business Management (UK) and also serves as an advisor to the Ministry of Justice and the Ministry of Co-operatives and Internal Trade.

source:-
http://www.ft.lk/2013/06/07/adam-investments-buys-9-stake-of-ceylon-and-foreign-trades-for-rs-100-m/

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