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



Poll

Can there be another Covid-19 wave in Sri Lanka?

 
 
 

View results

STOCK MARKET TRAINING
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer



Latest topics

» BROWNS INVESTMENTS PLC (BIL.N0000)
by MoneyLover Yesterday at 7:16 pm

» What is "Introductions" in Upcoming listing in CSE?
by Nandun Yesterday at 1:46 pm

» Glove stocks fall after Top Glove posts weaker 4Q results
by ResearchMan Yesterday at 1:37 pm

» KOTAGALA PLANTATION
by stockchaser Yesterday at 8:03 am

» The stock market can be a great place to make money; it can also be a great place to lose money. Stock market for beginners
by Economatta Yesterday at 6:16 am

» LOFC AND CLC Target Price??
by Captain Fri Sep 17, 2021 9:17 pm

» Top Foreign Trading today
by SAGA Fri Sep 17, 2021 6:32 pm

» Top crossings today
by SAGA Fri Sep 17, 2021 5:01 pm

» EXPOLANKA HOLDINGS PLC (EXPO.N0000)
by Sunimal Fri Sep 17, 2021 12:52 pm

» Amana Takaful ATL & ATLL
by kanishkaecomm Fri Sep 17, 2021 12:17 pm

» Best Time to Collect Cic X
by Value Pick Fri Sep 17, 2021 8:15 am

» Why is First Capital Holdings being dumped?
by Berryfund Fri Sep 17, 2021 6:29 am

» AGST can move
by Zayden River Thu Sep 16, 2021 11:58 pm

» COMMERCIAL CREDIT AND FINANCE PLC (COCR.N0000)
by newone Thu Sep 16, 2021 11:57 pm

» AGSTAR PLC (AGST.N0000)
by Zayden River Thu Sep 16, 2021 11:57 pm

» RAIGAM WAYAMBA SALTERNS PLC (RWSL.N0000)
by Bakkabwoi Thu Sep 16, 2021 8:10 pm

» Twitter accounts related to the stock market
by Bakkabwoi Thu Sep 16, 2021 8:09 pm

» TOKYO CEMENT COMPANY (LANKA) PLC
by xhunter Thu Sep 16, 2021 7:55 pm

» LOFC LOFC LOFC
by madukp Thu Sep 16, 2021 6:49 pm

» How Equity Emerged the Top Asset Class During a Pandemic
by samaritan Thu Sep 16, 2021 6:30 pm

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™ » DAILY CHRONICLE™ » Nawaloka buys control of Millennium Housing for Rs. 459 m

Nawaloka buys control of Millennium Housing for Rs. 459 m

Go down  Message [Page 1 of 1]

SHARK aka TAH

SHARK aka TAH
Expert
Expert
Nawaloka Holdings Ltd. yesterday bought 68% controlling interest in Millennium Housing Developers Plc for Rs. 459 million with the seller Nation Lanka Finance booking hefty capital gain.
Nawaloka Construction Ltd. bought 53 million shares or 39.35% stake at Rs. 5 per share and related party Ceyoka Ltd. bought 38 million shares or 28.28% stake. The latter is an associate of Nawaloka Holdings Ltd. Buyer and seller and acquired company share one or more common directors.
The seller, Nation Lanka Finance Plc, said the divestiture was carried out with the approval of the Central Bank. It said following the sale, it expects to recognise Rs. 305.8 million as a direct gain in financial statements. This represents a Rs. 1.22 increase in the Net Asset Value per share of Nation Lanka Finance. With this capital gain, Nation Lanka Finance is poised to make significant profits for the current financial year ending on 31 March 2015 compared to a Rs. 23.6 million net profit posted in FY14.
The Net Asset Per Share of Millennium Housing Developers at Group level is Rs. 4.56 as at September 2014, down from Rs. 5.18 as at FY14. At Company level it was Rs. 3.64 down from Rs. 4.13.
In the quarter ended 30 September 2014, the highest price traded was Rs. 7.20 and the lowest was Rs. 5.50 with the closing value being Rs. 6.10.
Millennium Housing Chairman Harshith Dharmadasa is also a director at Nawaloka Holdings. He is also a director at Nation Lanka Finance whilst Nawaloka Constructions owns 7% stake in the company.
The group has assets worth Rs. 1.14 billion and liabilities of Rs. 530 million.
In the six months ended on 30 September 2014, the company posted revenue of Rs. 127 million, down from Rs. 314 million a year earlier. Operating loss was Rs. 18 million, as against a profit of Rs. 62 million in the first half of FY14. The group’s net loss was Rs. 9 million, as opposed to Rs. 67 million profit a year earlier.
With the acquisition, Nawaloka Construction will make a mandatory offer to buy remaining shareholding as per the SEC’s Takeovers and Mergers Code. Other major shareholders of Millennium Housing include Anilana Hotels and Properties (8.85%), Arrow International Ltd. (4.45%) and Ceybank Unit Trust (1.52%).

Back to top  Message [Page 1 of 1]

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