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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Three Stocks Make 88% Of Turnover

Three Stocks Make 88% Of Turnover

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Sri Lanka stocks close up 0.4-pct

Dec 27, 2013 (LBO) – Sri Lanka stocks end 0.48 percent higher Friday with a tea export firm dominating trade, brokers said.

The Colombo benchmark All Share Price Index closed 28.17 points higher at 5,876.66, up 0.48 percent. The S&P SL20 closed 17.51 points higher at 3,240.63, up 0.54 percent.

Turnover was 1.33 billion rupees, up from 114.93 million rupees a day earlier, with stocks of 51 firms closing in the red against 121 gainers.

Ceylon Tea Services, a company connected to Sri Lanka's Dilmah tea brand, closed 9.60 rupees higher at 680.00 rupees with off market transactions of 544 million rupees contributing to 41 percent of total turnover.

JKH’s W0022 warrants closed 6.60 rupees higher at 74.20 rupees and its W0023 warrants closed 6.30 rupees higher at 89.50 rupees, attracting most number of trades during the day.

Foreigners bought 122 million rupees worth shares while selling 108 million rupees of shares.

JKH closed 5.00 rupees higher at 225.00 rupees and C T Holdings closed 7.20 rupees higher at 148.00 rupees, contributing most to the index gain.

Nestle Lanka closed 21.00 rupees higher at 2,131.00 rupees and Lion Brewery closed 8.10 rupees higher at 359.10 rupees.

Ceylon Tobacco Company closed 13.40 rupees lower at 1,128.60 rupees and Aitken Spence closed 50 cents higher at 103.50 rupees.

Distilleries closed 10 cents higher at 190.30 rupees and Bukit Darah closed 80 cents higher at 615.90 rupees.

Carson Cumberbatch closed 2.00 rupees higher at 344.00 rupees and Cargills Ceylon closed 1.50 rupees higher at 148.00 rupees.

Lanka Orix Leasing Company closed 80 cents higher at 75.00 rupees and Commercial Leasing and Finance closed 10 cents higher at 4.00 rupees.

Commercial Bank closed 20 cents lower at 120.90 rupees and HNB closed flat at 143.00 rupees.

Sampath Bank closed 50 cents higher at 169.00 rupees and DFCC closed 30 cents lower at 126.50 rupees.
www.lbo.lk

sriranga

sriranga
Co-Admin
COLOMBO, Dec 27 (Reuters) - Sri Lankan stocks rose for a second straight session on Friday, hitting a more than 7-week high led by diversified shares such as John Keells Holdings PLC .

The main stock index rose 0.48 percent, or 28.17 points, to 5,876.66, its highest close since Nov. 6.

The day's turnover was 1.33 billion rupees ($10.17 million), its highest since Nov. 8 and well above this year's daily average of 831.7 million rupees.

Shares in conglomerate John Keells Holdings rose 2.27 percent to 225 rupees a share while C T Holding rose 5.11 percent.

Ceylon Tea Services PLC rose 1.43 percent to 680 rupees a share.

Foreign investors bought a net 13.91 million rupees worth of shares on Friday, bringing the net foreign inflow to 22.49 billion rupees so far this year.

Analysts said many investors were sidelined in a holiday mood, while large institutional funds were waiting for the new year to resume active trading.

They expect the market to rally early in the new year as the possibility of retail investors returning to risky assets is increasing due to falling interest rates, with yields on treasury bills dropping to their lowest since November 2011 at last week's auction.

($1 = 130.8000 Sri Lanka rupees)

(Reporting by Ranga Sirilal; Editing by Jacqueline Wong)

(ranga.sirilal@thomsonreuters.com)(+94-11-232-5540)

(Reuters Messaging: ranga.sirilal.thomsonreuters.com@reuters.net)(twitter.com/rangab a)
http://www.xe.com/news/2013/12/27/3741285.htm?c=1&t=

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

sriranga

sriranga
Co-Admin
*Senthilverl sells long-held stake

The EPF yesterday bought into Ceylon Tea Services (CTS) taking up 7% of the company through a block trade of 800,000 shares at a price of Rs.680 in a deal worth Rs.544 million together with a further nearly 0.7 million shares also at the Rs.680 price contributing a further Rs.450.8 million to the day’s business volumes.

CTS closed Rs.9.60 up on the trading floor at Rs.680 with the share traded between Rs.650 and Rs.680 contributing Rs.450.8 million to turnover and driving up the day’s business volume to over Rs.1.3 billion from the previous day’s Rs.114.9 million which was the lowest for the year.

The All Share Price Index was up 28.17 points (l.48%) while S&P SL20 gained 17.51 points (0.54%) with 142 gainers comfortably ahead of 43 losers while 135 counters closed flat.

Analysts believed that the CTS shares transacted yesterday belonged to Dr. T. Senthilverl and was a long-held block in a closely-held company controlled by the MJF Group.

Apart from this mega deal, nearly 0.7 million HNB (voting) was crossed at Rs.143.30 contributing Rs.100.3 million to the day’s turnover.

For much of the day JKH, both its ordinary shares and its warrants, were the most active counters with the ordinary shares closing Rs.5.20 up at Rs.225.20 on nearly 0.4 million traded between Rs.220.50 and Rs.225.50 contributing Rs.83.1 million to turnover.

JKH warrants too gained sharply with W0022 closing Rs.7.40 up at Rs.75 on nearly 0.5 million traded between Rs.68 and Rs.75 generating a turnover of Rs.34 million while W0023 closed Rs.6.80 up at Rs.90 with over 0.1 million traded between Rs.83.10 and Rs.92 contributing Rs.10.2 million to the day’s business volumes.

Kahawatte Plantations too saw nearly 0.4 million shares done closing Rs.1.80 up at Rs.38.80 trading between Rs.37.50 and Rs.38.90 contributing Rs.14.2 million to turnover while Central Finance closed flat at Rs.175 on 49,498 shares done between Rs.175 and Rs.175.10 generating a turnover of Rs.8.7 million.

Other most traded stocks included 1.3 million Richard Pieris up 10 cents to Rs.6.40, 42,834 Sampath up 50 cents to Rs.169, over 0.8 million Expolanka up 10 cents to Rs.7.60, over 0.1 million Tokyo (voting) up 30 cents to Rs.28 and 0.1 million MTD Walkers (Kapila) up 70 cents to Rs.32.

Capital Trust Securities announced that its client, Mr. Xia Liquiang had bought nearly 5 million voting shares of Blue Diamonds on Tuesday increasing his holding in the company to nearly 18.5 million voting shares amounting 17.88% of the company.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=94820

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

4Three Stocks Make 88% Of Turnover Empty Re: Three Stocks Make 88% Of Turnover Fri Dec 27, 2013 11:24 pm

Leon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Where this money will go from Dr.Senthilverl?? Will it be PCH or or what?

5Three Stocks Make 88% Of Turnover Empty Re: Three Stocks Make 88% Of Turnover Fri Dec 27, 2013 11:26 pm

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
@Leon wrote:Where this money will go from Dr.Senthilverl?? Will it be PCH or or what?

May be BLUE.
In 2009 he was 5th in Voting and 3rd in Non Voting - Top 20.



Last edited by Redbulls on Fri Dec 27, 2013 11:36 pm; edited 1 time in total

6Three Stocks Make 88% Of Turnover Empty Re: Three Stocks Make 88% Of Turnover Fri Dec 27, 2013 11:35 pm

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
I was watching this CTEA from the time it came down to 630 to 590 levels and i bought few shares at 590 level, and sold it yesterday, now the crossing ended, will it comeback to 630 Levels or below that?

Sometime back Tyre also Dr's brokers take it to high and he disposed his shares

7Three Stocks Make 88% Of Turnover Empty EPF buys 7% stake of Dilmah brand owners Sat Dec 28, 2013 10:17 pm

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Dr. T. Senthilverl , a high net worth investor with a valuable portfolio of quoted stock, Friday exited from Ceylon Tea Services PLC, owners of the Dilmah brand, selling a 7% stake in the high dividend paying company for Rs.680 per share to the Employees Provident Fund in a deal worth nearly a billion rupees.

The Rs.680 price paid by EPF was well above the Rs.413 net asset value per CTS share.

Analysts said that this illiquid share of the closely-held company controlled by Mr. Merrill J. Fernando’s MJF group has been consistently trading far ahead of the NAV of its share.

CTS is among the highest dividend paying companies quoted on the CSE. Mr. Merrill Fernando has consistently told shareholders in his annual report that Rs.10,000 invested in the company during its IPO many year ago had now grown in value to several million rupees in addition to the very high dividends they have received over the years

Monetary Board guidelines to the EPF on acquisition of quoted shares have stressed the need to invest in companies active in growth areas of the economy including tea and garments.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=94939

8Three Stocks Make 88% Of Turnover Empty Re: Three Stocks Make 88% Of Turnover Sat Dec 28, 2013 10:55 pm

Monster

Monster
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Dr Senthilverl invested on CTEA in early 2011. As I remember he purchased the lot around Rs 650/- per share. He didn't earn much after holding two years except the dividend.

9Three Stocks Make 88% Of Turnover Empty Three Stocks Make 88% Of Turnover Sun Dec 29, 2013 1:25 am

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
If Thursday saw the bourse making its lowest turnover for the year to date, then on Friday it made its highest turnover after a lapse of 10 days.

Turnover on Friday amounted to Rs. 1.3 billion; aided and abetted by Ceylon Tea Services (CTS) which contributed to 74.6% of the day’s turnover with Rs. 994.8 million. The seller of CTS was Dr. T. Senthilverl, while the buyer is believed to have had been Merril J. Fernando and connected parties.

Other noteworthy contributions came from HNB (Rs. 100.3 million) and JKH (Rs. 83.1 million), effectively making up 88.4% of Friday’s total turnover. The day returned a nominal net foreign inflow (NFI) of Rs. 13.9 million, taking up NFIs for the year to date to Rs. 22.5 billion.

The ASPI Friday over Thursday gained by 0.48% to 5,876.66 points and the S&P SL 20 Index by 0.54% to 3,240.63 points. These gains were made possible by JKH, the market’s largest capitalized stock, seeing its share value gain by 2.27% to Rs. 225 on share volume (SV) of 370,501; while Nestle, its third largest capitalized stock saw its share value increase by 1% to Rs. 2,131 on a nominal Rs. 1.4 million turnover and on an SV of 642.

However, CTC, the market’s second largest capitalized stock saw its share value decline by 1.17% to Rs. 1,128.60 on a Rs. 107,166.70 turnover and an SV of 95.

The movement of market indices is correlated to total market capitalization (market cap.). So when market cap. increases, so do indices. Market cap., Friday over Thursday increased by Rs. 11.7 billion (0.5%) to Rs. 2,444.9 billion. Market cap. increases when share prices increase.

As stocks such as JKH, CTC and Nestle have a greater bearing on market cap., those stocks are influencers of market indices. For instance as at Friday, the value of JKH’s market cap. to total market cap. comprised 9.64%, that of CTC (9.15%) and Nestle (4.96%).

Meanwhile the lowest turnover the bourse has returned for the year to date was Rs. 114.9 million, while on December 17 it returned a Rs. 1.3 billion turnover, equivalent to that of Friday’s.

18th Lowest
Nevertheless, at the beginning of the week on Monday (December 23), the Colombo stock market recorded its eighteenth lowest turnover for the year to date with a figure of Rs. 267.8 million, but the upside was a Rs. 83.10 million NFI.

While the lowest was Rs. 114.9 million and the second lowest Rs. 179.9 million made on December 11, the third to the seventeenth lowest turnover figures were: Third lowest: Rs. 191.7 million on July 17. Those were followed by Rs. 193.48 million on November 25, Rs. 197.44 million (November 11), Rs. 197.44 million (November 11), Rs. 201 million (June 26), Rs. 220.9 million (November 5), Rs. 228.2 million (July 10), Rs. 233.3 million (October 14), Rs. 234.3 million (November 15), Rs. 239.3 million (September 6), Rs. 241.9 million (July 11), Rs. 246.4 million (December 24), Rs. 254.35 million (July 9), Rs. 259.6 million (July 18) and Rs. 265.9 million (June 28).

JKH, the market’s biggest capitalized stock, saw its share price weaken by 0.63% Monday over its previous closing price (ie on Friday, December 20) to Rs. 221.60 on a turnover of Rs.1.2 million; while CTC, the market’s second largest capitalized, saw the value of its share price fall by 1.40% to Rs. 1,128 a share, whilst contributing an infinitesimal Rs. 182,645 to Monday’s turnover on a share volume of 160.

The movement of market indices is directly related to the movement of market cap. as shown aforesaid, in that when the share value of a particular stock increases or decreases, so does its market cap. and, ipso facto also the value of total market cap. as a result.

Tinkering
JKH and CTC, because they are the market’s largest and second largest capitalized stocks, coupled with their heavy weightage on market cap., the movement of their market cap.s therefore has a direct bearing on overall market cap., and hence on its indices. So even with the tinkering of only a few shares of such high value stocks, ie of their price values, it’s possible to create an impact on market indices.

The market regulators, Colombo Stock Exchange (CSE) and Securities and Exchange Commission (SEC) should give thought to such matters in the New Year to prevent price manipulation that may be taking place this way, for the greater good of the investing public.

Perhaps, one way that this may be done is to restrict controlling interest of a stock to a maximum of 51%, whilst having the balance as a public float.

At least one multinational company (MNC)has done that, why cannot the minions follow?
This would ensure greater liquidity in the market and also minimize distortions as was witnessed on Monday.
Nevertheless, the biggest contributor to Monday’s turnover was Commercial Bank (Com Bank), the market’s fourth largest capitalized stock with Rs. 66.1 million. That was followed by Hayleys (Rs. 47.1 million) and HNB (Rs. 44.2 million). These three stocks were responsible for 58.8% of Monday’s turnover.

Meanwhile the market made its fourteenth lowest turnover for the year to date with a figure of Rs. 246.4 million on Tuesday.

Among the main contributors to Tuesday’s turnover was Com Bank with Rs. 61.6 million, Abans Finance (Rs. 48.1 million) and Blue Diamonds (Rs. 47.4 million).

With these three stocks alone contributing to 63.8% of the day’s turnover, is also an indication that the market lacks breadth, depth, height and length, exposing it to possible manipulation.

Manipulation
Nestle, the market’s third largest capitalized stock saw its share price gain by 0.01% to Rs. 2,111.30 on a share volume of a mere five, contributing a measly Rs. 10,595 to the day’s total turnover.

As the market’s largest capitalized stocks such as JKH, CTC and Nestle have a strong bearing on market indices, it may be easy for alleged manipulators, by trading in a nominal quantity of such shares, not only to change the value of such stocks, but also to force a bearing on market indices as a whole.

Therefore, the CSE and SEC should draw up rules, if they haven’t had already done so, to prevent such purposeful distortions.

While everyone has a right to buy and sell shares, a tab should however be kept to ascertain whether such distortions have a pattern, and if so, then investigations will need have to be launched for possible manipulation, to protect the integrity of the bourse and therewith rebuild investor confidence, hitherto shattered, due to manipulations having had gone unchecked.

However the market experienced a Rs. 99.96 million NFI at Tuesday’s trading.

“Foreign funds have been investing in the market, while at the same time some have had exited/sold during the course of the year,” the sources said. Despite the holiday season, some fund managers may yet be active, they said.

The ASPI fell 0.01% over its previous day’s close to 5,845.93 points while the S&P SL 20 gained by 0.03% to 3,225.13 points at the end of Tuesday’s trading.

JKH and CTC, the market’s largest and second largest capitalized stocks saw their share prices fall, with that of JKH declining by 0.18% to Rs. 221.20 and CTC by 0.16% to Rs. 1,126.

Wednesday December 25 was a Christmas holiday for the bourse.
The bourse made its lowest turnover for the year to date with a sum of Rs. 114.9 million at Thursday’s (December 26) trading, data showed.

Historical
Meanwhile the lowest it recorded last year was Rs. 91.6 million, ie on July 2, 2012; second lowest: Rs. 101.3 million on December 24, 2012 and third lowest: Rs. 115.9 million (November 26, 2012), market sources told this newspaper.

The lowest turnover it recorded in 2011 was Rs. 348.9 million, which was on December 22, 2011.

“Those were the boom years, they said; referring to the “pump and dump” era, where allegedly a group of manipulators acting in concert used to “take-up” junk stocks and “dump” it on unsuspecting investors who were misled in to thinking that there was “gold” in such stocks, only to realize too late, that they have had bought some useless stocks at exorbitant prices, which they are unable to dispose of.

Sources said that part of the reason for the dismal situation facing the stock market is that the regulators, ie the CSE and the SEC not taking action against such miscreants.

In related developments, in 2010, the lowest turnover the bourse experienced was a figure of Rs. 538.8 million on March 22, 2010, which was even better than its 2011 performance.

However, in 2009, the year that Sri Lanka won its 26 year old war against Tamil terrorism on May 19, 2009; the lowest turnover it experienced that year was a sum of Rs. 18.5 million on January 9,2009; the day after the founder editor of this newspaper Lasantha Wickrematunge was killed, in a yet to be solved murder.

The second lowest turnover the bourse made that year was Rs. 27.7 million on April 15, 2009; third lowest: Rs. 37.7 million (March 11,2009); fourth lowest: Rs. 45.5 million (January 12, 2009); fifth lowest: Rs. 46.4 million (April 6, 2009) and sixth lowest: Rs. 46.8 million (January 7,2009).

When this reporter asked market sources whether the allegation made by IMF’s former Resident Representative Dr. Koshy Mathai, that the stock market was plagued by weak regulation and regulators was true (see the business pages of last week’s The Sunday Leader newspaper)?, the sources answered in the affirmative.

The holiday season, poor quarterly earnings for the quarter ended September 30, 2013 and issues of governance are among some of the other key factors affecting the performance of the bourse.

Pyrrhic Gains
Nevertheless market indices made pyrrhic gains at Thursday’s trading, with the ASPI increasing in its value by 0.04% over its previous day’s close to 5,848.49 points. But the S&P SL 20 fell by 0.06% to 3,223.12 points.

Indices made gains on the strength of CTC, the market’s second largest capitalized stock, seeing its share price increase by 1.40% to Rs. 1,142 a share on a low volume of eight shares, whilst contributing a mere Rs. 246,963.91 to Thursday’s total turnover.

Perhaps, if the regulators mandate that the minimum public float should be 49%, like what another MNC has voluntarily done, such distortions/alleged price manipulations may be avoided.

Meanwhile JKH, the market’s largest capitalized stock, saw its share price decline by 0.54% to Rs. 220, whilst contributing Rs. 2.8 million to the day’s turnover.

In related developments, Com Bank, the bourse’s fourth largest capitalized stock, contributed to more than half of Thursday’s turnover with a figure of Rs. 61.1 million, thereby also helping the market to record an NFI of Rs. 54.1 million.

Despite the seeming doom and gloom scenario, what has been positive has been consistent foreign buying of Com Bank shares in the first three days of trading last week.
http://www.thesundayleader.lk/2013/12/29/three-stocks-make-88-of-turnover/

10Three Stocks Make 88% Of Turnover Empty Re: Three Stocks Make 88% Of Turnover Sun Dec 29, 2013 8:14 am

Leon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Redbulls wrote:Dr. T. Senthilverl , a high net worth investor with a valuable portfolio of quoted stock, Friday exited from Ceylon Tea Services PLC, owners of the Dilmah brand, selling a 7% stake in the high dividend paying company for Rs.680 per share to the Employees Provident Fund in a deal worth nearly a billion rupees.

The Rs.680 price paid by EPF was well above the Rs.413 net asset value per CTS share.

Analysts said that this illiquid share of the closely-held company controlled by Mr. Merrill J. Fernando’s MJF group has been consistently trading far ahead of the NAV of its share.

CTS is among the highest dividend paying companies quoted on the CSE. Mr. Merrill Fernando has consistently told shareholders in his annual report that Rs.10,000 invested in the company during its IPO many year ago had now grown in value to several million rupees in addition to the very high dividends they have received over the years

Monetary Board guidelines to the EPF on acquisition of quoted shares have stressed the need to invest in companies active in growth areas of the economy including tea and garments.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=94939

what do you reckon Redbull, is this a fair decision by EPF? For me it makes some sense compared to their previous decisions.



Last edited by Leon on Sun Dec 29, 2013 8:17 am; edited 1 time in total (Reason for editing : spelling)

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