FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.
FINANCIAL CHRONICLE™

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka

LISTED COMPANIES

Submit Post


ADVERTISE
Poll

EXCHANGE RATE PREDICTION: 2022

 
 
 
 

View results

ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer



Latest topics

» Heavy losses at CPC whilst LIOC records profit
by ChooBoy Today at 1:32 pm

» Misuse of government property by Royal Colombo Golf Club
by ChooBoy Yesterday at 12:52 pm

» SL Cauvery and Mannar Basins Petroleum Resource Data Revealed
by samaritan Yesterday at 12:00 pm

» Expolanka to continue its winning streak
by samaritan Yesterday at 10:39 am

» Container shipping stocks routed
by target1 Fri Jun 24, 2022 1:32 pm

» Supply Chain Latest: Ocean Freight Rates Are Falling
by target1 Fri Jun 24, 2022 1:26 pm

» Turkish ship leaves Ukraine's Mariupol after grain talks with Moscow
by target1 Fri Jun 24, 2022 11:29 am

» This week's CBOT corn, soy freefalls hard to match in recent years
by target1 Fri Jun 24, 2022 9:57 am

» Positive news to boost market sentiment
by samaritan Fri Jun 24, 2022 9:52 am

» Maharaja at IMF meeting
by Maharaja Thu Jun 23, 2022 10:35 pm

» Why no power cuts in certain areas of Colombo?
by samaritan Thu Jun 23, 2022 5:44 pm

» India assures fullest support to Sri Lanka as a close friend
by samaritan Thu Jun 23, 2022 5:17 pm

» SINS, SAMP, COMB, PARQ, ALUMEX and AEL - are they good shares to start collecting now?
by surfjj Thu Jun 23, 2022 4:25 pm

» Learn how a fixed exchange rate system can be used to reduce inflation.
by target1 Thu Jun 23, 2022 3:35 pm

» Debt Crisis: Sri Lanka Vs Argentine
by CHRONICLE™ Thu Jun 23, 2022 8:17 am

» Sri Lanka in state of panic 1 month after sovereign default
by reyaz Tue Jun 21, 2022 5:23 pm

» Financial stability - we are at the crossroads.
by sheildskye Tue Jun 21, 2022 2:17 pm

» Shrinkflation: Is it ethical?
by sheildskye Tue Jun 21, 2022 2:05 pm

» Banking bullish billionaire Ishara expands footprint
by samaritan Tue Jun 21, 2022 10:58 am

» SL hopes to finalize a staff level program with IMF soon-RW
by samaritan Tue Jun 21, 2022 9:48 am

EXPERT CHRONICLE™

MARKET CHAT


CHRONICLE™ ANALYTICS


ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

LATEST TWEETS

You are not connected. Please login or register

FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » what happen to UBC

what happen to UBC

2 posters

Go down  Message [Page 1 of 1]

1what happen to UBC  Empty what happen to UBC Thu Sep 11, 2014 8:56 am

rangananwr

rangananwr
Manager - Equity Analytics
Manager - Equity Analytics

What happen to UBC yesterday? Is it ok to buy this level? Shocked

2what happen to UBC  Empty Re: what happen to UBC Thu Sep 11, 2014 9:44 am

suddera

suddera
Manager - Equity Analytics
Manager - Equity Analytics

http://www.ft.lk/2014/09/11/cse-achieves-historic-benchmark-market-cap-crosses-rs-3-trillion/


Dr. Senthilverl buys 6.5% stake in Union Bank for Rs. 445 m, Sampath exits
High net worth but low profile investor Dr. T. Senthilverl yesterday picked up a 6.5% stake in Union Bank Plc (UBC) for Rs. 445 million and the move boosted sentiments, pushing the stock price further.
The market saw a total of 23.6 million UBC shares traded for Rs. 485 million. Of that quantity 21.7 million shares were done via crossing at Rs. 20.50 each. UBC hit an intra-day high of Rs. 21.70 before closing at Rs. 21.20, up by 70 cents.
Dr. Senthilverl is not a newcomer to UBC as he is believed to be one of the original shareholders though not figured in the top 20 list.
The seller was Sampath Bank and with yesterday’s move it has exited from UBC. As at June 2014, Sampath Bank was the second largest shareholder with a 7.5% stake.
Prior to yesterday it had shed a smaller stake. Analysts said the exit by Sampath made sense as the stake remained passive. With banking sector consolidation likely to gather momentum in 2015, Sampath Bank is likely to be focused elsewhere. Speculation has been Sampath will look at Pan Asia Bank, with control of both entities held by business leader Dhammika Perera.
The exit also comes after UBC struck a mega deal with TPG Capital, under which the the USA-based global private investment firm with $ 60 billion under management will take up an over 70% stake in stages through a combination of primary and secondary shares and warrants.
In August the UBC Board of Directors resolved to issue by way of a private placement 742,156,249 ordinary voting shares of the bank at a consideration of Rs. 15.30 per share and also resolved to issue to the investor, simultaneously with the issue of the private placement shares, 218,281,250 warrants at a consideration of Rs. 0.30 per warrant, conferring the investor with the right to subscribe to one new ordinary voting share per warrant within a period of six years from the issue of such warrants at a exercising price of Rs. 16 per share.
This investment results in Union Bank as a standalone entity to be placed second in stated capital in the banking industry and be within the top five private banks in Sri Lanka with regard to equity.
Under the agreement with UBC to acquire majority control of 70% at Rs. 15.30 per share (almost equal to UBS’s book value), TPG will be paying Rs. 25 per share in the subsequent mandatory offer to minority shareholders.

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum