EASTERN MERCHANTS PLC(EMER.N0000)

http://www.cse.lk/cmt/uploadAnnounceFiles/3231424079088_767.pdf

The company sold land and Building Rs.1,040,000,000 ................

Lot of buying interest is there. May be a chance for a quick gain.

quick gain ..... no sellers.... omg 49% up

I think players pounding on the opportunity to grab a profit, in the shadows of the land sale...

Made 200k from 2 hours. Good trade today.
Dec 14 NAV was 8.22 and the said sale may generate a capital gain arround Rs500mn for the company. Which means their NAV to up to 12.5. Seems a further room is there to go up but it is risky now. Better to exit now

I sent the profit message in advance to this forum by saying they their disposals of landsoon 2 days before. But no one give me a thank :-).

[quote="Teller"]I sent the profit message in advance to this forum by saying they their disposals of landsoon 2 days before. But no one give me a thank :-). [/quote]

thanks Teller.

Welcome my dearest gainer. As we sow,we reap...

[quote="Teller"]I sent the profit message in advance to this forum by saying they their disposals of landsoon 2 days before. But no one give me a thank :-). [/quote]

THANKS TELLER ... KEEP IT UP

Eastern Merchants to raise Rs. 1 b for diversification by selling 134-perch land
  Published : 12:16 am  February 18, 2015  
Eastern Merchants Plc is to raise Rs. 1 billion to diversify business by selling a portion of its land and buildings.
The company said its Board, at a meeting on Monday, resolved to sell land and buildings owned at 284 Vauxhall Street, Colombo 2 and 341 Union Place, Colombo 2 (with a combined extent of 134 perches) for Rs. 1.04 billion.
It said, according to the valuation dated 6 April 2014 by Incorporated Valuer Prof. Gamini Haegoda, the property is worth Rs. 939 million. The Union Place property was the registered office and principal place of business.
“It is proposed that the funds raised through the sale are to be invested to diversify the business of the company from its traditional commodity trading into new business ventures focusing on value addition,” Eastern Merchants said. The company also proposes to utilise a part of the sale proceeds to settle outstanding debt which is considerably low.
The Eastern Merchants Board has approved the sale in principle. Since the value of the property to be sold is more than one half of the total value of assets of the company, the sale constitutes a major transaction in terms of the Companies Act. Total assets were Rs. 1.28 billion as at 31 December 2014 of which property plant and equipment amounted to Rs. 487.5 million and investments property was Rs. 508 million.
Therefore the Board has resolved to summon an Extraordinary General Meeting on 16 March to seek shareholder approval. Directors control nearly 70% stake in the company.
At the company level, interest bearing short-term borrowings amounted to Rs. 25.6 million as at December 2014, down from Rs. 171 million a year earlier. At the group level it was Rs. 85 million, down from Rs. 217 million. The company also has Rs. 234 million in Bank Overdraft.
Major shareholders of Eastern Merchants Plc include J.B.L. De Silva (27.57%), H.J. De Silva (13.7%), C.I. Tilakaratna (13%), C.S.L. De Silva (12.4%) and N.S. Karunaratne (10.7%).
The group specialises in the export of traditional and non-traditional products and the manufacture and export of coir and rubber wood brushes.
The company’s third quarter revenue was down by 65% to Rs. 151.5 million and by 58% to Rs. 514 million during the first nine months of FY2015. Its loss was Rs. 13.4 million in 3Q, up from Rs. 11.3 million a year earlier. Its nine months’ loss had increased by 145% to Rs. 57 million. At the group level 3Q revenue was down by 62% to Rs. 173 million and by 55% to Rs. 571.5 million for nine months. However, revenue reserves as at December 2014 amounted to Rs. 627 million at the company level.
Losses grew by 58% to Rs. 27.2 million in 3Q and by 50% to Rs. 74 million for nine months.
In January, Channa S.L. De Silva was appointed Managing Director of Eastern Merchants Plc and subsidiaries Eamel Exports and Spice Lane Ltd., after Anil Karunaratne retired.

www.ft.lk

[list][*][/list][quote="Teller"]I sent the profit message in advance to this forum by saying they their disposals of landsoon 2 days before. But no one give me a thank :-). [/quote]
A big thank in your way.

whats going on........ is this valuable???

This is how EMER daily technical side looks like. With a pending hefty dividend expected from the land sale we can expect a fair gain to the share in coming days. This share peaked Rs14 levels couple of weeks ago.

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This is the monthly tec side

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