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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » SLIC sells CFLB for Rs. 50.4 Million at Rs. 31.50 per share, price less than Net Asset Value

SLIC sells CFLB for Rs. 50.4 Million at Rs. 31.50 per share, price less than Net Asset Value

Go down  Message [Page 1 of 1]

DealKing

DealKing
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Sri Lanka Insurance Corporation (SLIC) sold 1.6 million Colombo Fort Land & Building Company PLC (CFLB) shares at Rs. 31.50 per share for a total value of Rs. 50.4 million on 10th July in a crossing.

According to 31st March 2014 financials Sri Lanka Insurance Corporation Ltd - Life Fund had 3,020,600 voting shares which is a 1.68% stake of CFLB.

The same financials notes that CFLB group's Net Asset Value per share is Rs. 43.38 as at 31st March 2014 compared to Rs. 44.64 on 31st March 2013.

It is known that SLIC has divested the CFLB stake to show profitability for its Life Fund, amidst upcoming quarter and since the state is reviewing accounts of State Owned Business Enterprises (SOBEs) such as Sri Lanka Insurance before preparation of Budget for 2015 that is yet to be presented on November 2014.

Sources note that however CFLB block of 1.6 million shares owned by SLIC has been bought buy CFLB Chairman Anushman Rajaratnam and few related parties.

CFLB is yet to revalue its Plantations, Property & Motors, Chemicals, Hardware, Hotels, Distribution, Manufacturing and Investment businesses and it is said that after the valuation the share will be an interesting counter since the CFLB then has a Net Asset Value Per Share of over Rs. 60/-

SHARK aka TAH

SHARK aka TAH
Expert
Expert
The problem is the dividend yield has been very poor. not a company to invest in my opinion, may be you can gain on value appreciation, but i prefer decent dividend pay out and capital gains both that will benefit during bear and bull markets

stevenapple


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@DealKing wrote:Sri Lanka Insurance Corporation (SLIC) sold 1.6 million Colombo Fort Land & Building Company PLC (CFLB) shares at Rs. 31.50 per share for a total value of Rs. 50.4 million on 10th July in a crossing.

According to 31st March 2014 financials Sri Lanka Insurance Corporation Ltd - Life Fund had 3,020,600 voting shares which is a 1.68% stake of CFLB.

The same financials notes that CFLB group's Net Asset Value per share is Rs. 43.38 as at 31st March 2014 compared to Rs. 44.64 on 31st March 2013.

It is known that SLIC has divested the CFLB stake to show profitability for its Life Fund, amidst upcoming quarter and since the state is reviewing accounts of State Owned Business Enterprises (SOBEs) such as Sri Lanka Insurance before preparation of Budget for 2015 that is yet to be presented on November 2014.

Sources note that however CFLB block of 1.6 million shares owned by SLIC has been bought buy CFLB Chairman Anushman Rajaratnam and few related parties.

CFLB is yet to revalue its Plantations, Property & Motors, Chemicals, Hardware, Hotels, Distribution, Manufacturing and Investment businesses and it is said that after the valuation the share will be an interesting counter since the CFLB then has a Net Asset Value Per Share of over Rs. 60/-

 Evil or Very Mad Evil or Very Mad  Another government agenda.

yellow knife


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
WO'w good chance to buy CFLB...

gamaya


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Did anybody notice EPF divesting Hemas Holdings to smart foreigners, when broker companies were recommending BUY... Smile 

somebody is making big money out there..

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