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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Softlogic Holdings to earn a huge capital gain of Rs.1.8 billion from selling Asha Central Land

Softlogic Holdings to earn a huge capital gain of Rs.1.8 billion from selling Asha Central Land

Go down  Message [Page 1 of 1]

DealKing

DealKing
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Softlogic Holdings the ultimate owner of Asha Central Hospitals that is yet to be delisted will gain a Huge Capital Gain by selling the Original premises of Historic Asha Central Hospitals.

According to insiders from Saudi Embassy which is close to the premises Saudi Embassy in Colombo has already bid to buy the land for nearly Rs.2.5 billion and the deal is under negotiations.

The long established Asha Central private hospital was sitting on a treasure trove of over 200 perches of land on No.37, Horton Place, Colombo 7 is originally valued at Rs.285.99 million (historica cost) as per financials and at present market value the land and the building is valued at over Rs.2.1 billion and the company has said that it will dispose the land or take any strategic investment. Since relocation of the historic hospital from Horton Place to Norris Canal Road until the disposal the Horton Place land it was leased for Sri Lanka Army with a total lease rental of Rs.60 million commencing from 24th February 2011 to 23rd February 2012 and it has been further extended till February 2014 as per the annual report of Financial Year 2012/2013.Company is yet to release Financial Year 2013/2014 Annual Report to CSE.

Thus it is evident that even the deal is done at Rs.2.1 billion Softlogic group will earn a capital gain of nearly Rs. 1.8 billion.



Last edited by DealKing on Fri Aug 08, 2014 10:51 am; edited 2 times in total

SHARK aka TAH

SHARK aka TAH
Expert
Expert
Thanks DK

SHARK aka TAH

SHARK aka TAH
Expert
Expert
Did any1 yet to value SHL if this deal went through.....

Lalindra

Lalindra
Manager - Equity Analytics
Manager - Equity Analytics
Asiri Hopsital Holdings (ASIR) hold 98.55% Asiri Central (ASHA).
Softlogic Holdings (SHL) 32.86% of ASIR.
As such wouldn't it be ASIR who will be the beneficiary if such a deal goes through?
Also heavy trading is evident in ASIR today.
I maybe wrong! Can some expert comment on this please.

Market R

Market R
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
SHL holding 43.06% only on largest share holders list in ASIR. pls check there are lots of accounts under some bankes that are owened by SHL and Softlogic International also holding small amount.

Market R

Market R
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Sorry. More than 50% holding by SHL in top 20 list.

Invest-Wise

Invest-Wise
Manager - Equity Analytics
Manager - Equity Analytics
Yesp its ASIR who will benefit.

Lalindra

Lalindra
Manager - Equity Analytics
Manager - Equity Analytics
@Invest-Wise wrote:Yesp its ASIR who will benefit.

In items b & c of notes to the accounts 11.1.7 in the Annual Report for the last financial year of the Asiri Hospital Holdings is stated as follows.

The land of Asiri Central Hospital PLC, situated at No 37, Horton place, Colombo 7 was revalued during the financial year 2010 by Messrs. P. B. Kalugalagedara (FIV, MSIZ, IRRV, FRICS) an independent valuer in reference to market based evidence. The land was valued at their open market values and the results of such revaluation were incorporated in the Financial Statements as at 31 December 2010. The surplus arising from the revaluation was transferred to the Revaluation Reserve. The land together with buildings were classified from owner occupied property to an investment property with effect from 1 April 2011.

The Building of Asiri Central Hospital PLC situated at the above land was also revalued during the financial year 2010 by Messrs. P. B. Kalugalagedara (FIV, MSIZ, IRRV, FRICS) an independent valuer in reference to market based evidence. At the time of transferring the building from owner occupied property to investment property, the Directors decided to incorporate the results of such revaluation in the financial statements as of 01 April 2011 and the surplus arising from such
revaluation net of deferred tax, is transferred to Revaluation Reserve.

So ASIR is to heavily benefit if such a sale goes through.



Last edited by Lalindra on Fri Aug 08, 2014 5:22 pm; edited 1 time in total (Reason for editing : line allignment)

Gainer

Gainer
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Good for SHL and ASIR

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