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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » PC House: Remember the Promises of IPO that never happened

PC House: Remember the Promises of IPO that never happened

Go down  Message [Page 1 of 1]

StockGuru

StockGuru
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
PCH Chairman Rishan promised to do the following to establish mainly a KPO/BPO and an Internet Data Centre with offering 57,233,334 voting shares of the company at Rs.11 per share that totally raised over Rs.629.5 million.

The Company intends to raise funds through this Offering to finance the following, in the order of priority;
i. Increase the Company’s investment in Procifinity Limited, presently a 90% owned subsidiary incorporated on June 2, 2010
by Rs. 300 million to carry out Business Process Outsourcing/Knowledge Process Outsourcing services and to establish
an Internet Data Centre. The presently estimated investment required to enhance the BPO/KPO operation by setting up
a state-of-the-art facility is approximately Rs. 100 million. The estimated investment to set up a fully-fledged 2,000 sq. ft.
Internet Data Centre at the existing premises of PCH is expected to be approximately Rs. 200 million. These facilities
are expected to be operational during the Financial Year 2010/11. A comprehensive analysis of the BPO/KPO and IDC
industries, assumptions regarding the future plans and associated risks regarding the operations of Procifinity Limited are
discussed in Sections 6.2 and 6.3; 7.5.3; and 11.4 respectively of this Prospectus.
With the anticipated investment of Rs. 300 million (300 million shares at Rs. 1.00 each) in Procifinity Limited which would
be financed through the proceeds of the IPO (approximately 48% of the IPO proceeds), the Company would increase its
stake in Procifinity Limited to 99.99%.
ii. The remaining funds raised from the Offering, subsequent to meeting all expenses in relation to the same, would be utilised
as follows:
PCH
 To retire expensive short term borrowings obtained to finance working capital amounting to approximately Rs. 160
million;
 To finance branch expansions of PCH amounting to approximately Rs. 32 million;
 To improve service quality, to establish new product affiliations and for the incremental working capital requirements
amounting to approximately Rs. 70 million.
Greenwich Lanka (Private) Limited (a 100% owned subsidiary of PCH)
 To finance the incremental working capital requirements amounting to approximately Rs. 20 million.
Procifinity Limited
 To finance the incremental working capital requirements amounting to approximately Rs. 15 million.
The Company expects to utilise the IPO proceeds by March 2011.

Link: http://pch.lk/Docs/PC%20House%20-%20IPO%20Prospectus.pdf

Hawk Eye

Hawk Eye
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Why dont the SEC take action against the Board Directors who didnt act on the best interest of the Company. I remember Mangala Boyagoda was on the Director Board, who is known to be a prominent leading banker, who was instrumental in introducing the first commercial paper and forward contract rates to Sri Lanka... Then they should take action against the auditors, for not qualifiying massive amount of obsolete stock in Balance sheet plus undisclosed fundings made to its subsidiaries..Then they should take action against the audit committee chairman who failed to do his duty properly,but drew fees, allowing all these to happen without blowing the whistle......Finally who will take action against CSE and SEC who is keeping a blind eye on all these

StockGuru

StockGuru
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Hawk Eye wrote:Why dont the SEC take action against the Board Directors who didnt act on the best interest of the Company. I remember Mangala Boyagoda was on the Director Board, who is known to be a prominent leading banker, who was instrumental in introducing the first commercial paper and forward contract rates to Sri Lanka... Then they should take action against the auditors, for not qualifiying massive amount of obsolete stock in Balance sheet plus undisclosed fundings made to its subsidiaries..Then they should take action against the audit committee chairman who failed to do his duty properly,but drew fees, allowing all these to happen without blowing the whistle......Finally who will take action against CSE and SEC who is keeping a blind eye on all these

Boyagoda is only a deal maker, his mission was to list PC House with a master valuation

fairinvestor


Stock Analytic
Stock Analytic
Not sure digging up the past is any good. The damage is done . But yes, atleast in the future , if company breaks promises they need to be dealt with by sEC. But can we expect that from them?

gamaya


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
IPO s are mostly bloody scams with the close cooperation of CSE & SEC.

Anilana which was even rejected by previous SEC was approved by this Chairman. This also has a highly bloated balance sheet. Everybody is pretty happy to exploit the public; and only when it becomes a problem to their revenue in the form of decreased turnover, they start talking crap about ethics etc.

lux2014

lux2014
Manager - Equity Analytics
Manager - Equity Analytics
"A goodly apple rotten at the heart !".

I feel Rishan is not the rotten apple here but those who foisted that company on unsuspecting public.
Pity is that they would continue to affect other apples (whether good or bad) in future, and hoodwink poor investors.

Whither CSE/SEC?

Hawk Eye

Hawk Eye
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@StockGuru wrote:
@Hawk Eye wrote:Why dont the SEC take action against the Board Directors who didnt act on the best interest of the Company. I remember Mangala Boyagoda was on the Director Board, who is known to be a prominent leading banker, who was instrumental in introducing the first commercial paper and forward contract rates to Sri Lanka... Then they should take action against the auditors, for not qualifiying massive amount of obsolete stock in Balance sheet plus undisclosed fundings made to its subsidiaries..Then they should take action against the audit committee chairman who failed to do his duty properly,but drew fees, allowing all these to happen without blowing the whistle......Finally who will take action against CSE and SEC who is keeping a blind eye on all these

Boyagoda is only a deal maker, his mission was to list PC House with a master valuation

These are professionals whos knowledge is used for criminal work, that is the state of our people

StockGuru

StockGuru
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Hawk Eye wrote:
@StockGuru wrote:
@Hawk Eye wrote:Why dont the SEC take action against the Board Directors who didnt act on the best interest of the Company. I remember Mangala Boyagoda was on the Director Board, who is known to be a prominent leading banker, who was instrumental in introducing the first commercial paper and forward contract rates to Sri Lanka... Then they should take action against the auditors, for not qualifiying massive amount of obsolete stock in Balance sheet plus undisclosed fundings made to its subsidiaries..Then they should take action against the audit committee chairman who failed to do his duty properly,but drew fees, allowing all these to happen without blowing the whistle......Finally who will take action against CSE and SEC who is keeping a blind eye on all these

Boyagoda is only a deal maker, his mission was to list PC House with a master valuation

These are professionals whos knowledge is used for criminal work, that is the state of our people

Yes. Magala Boyagoda has a history of mismanaging Mahapola Funds in UNP regime after Ravi Karunanayake got the opportunity to hande Mahapola. This was the mistake that Lalith Athulathmudali did. He first Married Rusi Captain's sister became rich and married another - Srimani and Lalith transferred some of his wealth as a proxy to Ravi and Ravi became rich in turn.

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