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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » JOHN KEELLS HOLDINGS PLC (JKH.N0000)

JOHN KEELLS HOLDINGS PLC (JKH.N0000)

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1JOHN KEELLS HOLDINGS PLC (JKH.N0000) Empty JOHN KEELLS HOLDINGS PLC (JKH.N0000) Fri Feb 15, 2013 1:05 pm

rainmaker


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
John Keells Holdings PLC is a holding company that manages a portfolio of holdings consisting of a range of business operations. The Company's segments are Transportation, Leisure, Property, Consumer Foods and Retail, Financial Services, Information Technology and Others. The transportation segment offers transportation related services. The leisure segment encompasses over two five star city hotels in Colombo and approximately eight resort hotels in Sri Lanka and over three resorts in Maldives under the Cinnamon Hotels and Resorts brand. The property segment concentrates on development and sale of residential apartments. The consumer foods and retail segment operates in over two categories namely manufacturing and retailing. The financial services segment offers financial solutions. The information technology segment comprises from business process outsourcing, software services and information integration to office automation. The others segment includes plantation services sector.

Now that the price is at a high, it is time to announce a rights issue.

2JOHN KEELLS HOLDINGS PLC (JKH.N0000) Empty Re: JOHN KEELLS HOLDINGS PLC (JKH.N0000) Fri Feb 15, 2013 1:41 pm

Arena


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
For what................

3JOHN KEELLS HOLDINGS PLC (JKH.N0000) Empty Re: JOHN KEELLS HOLDINGS PLC (JKH.N0000) Fri Feb 15, 2013 1:49 pm

raptor


Manager - Equity Analytics
Manager - Equity Analytics
Yeah for what? They dont need the cash, how can they justify asking shareholders for more money? If at all they need to split.

Right now I think they need to do anything at all, maybe return some of their cash pile to us investors by upping the dividend.

4JOHN KEELLS HOLDINGS PLC (JKH.N0000) Empty Re: JOHN KEELLS HOLDINGS PLC (JKH.N0000) Fri Feb 15, 2013 2:05 pm

Jiggysaurus

Jiggysaurus
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Arena wrote:For what................

They have to build a big casino. A really big one.

5JOHN KEELLS HOLDINGS PLC (JKH.N0000) Empty Re: JOHN KEELLS HOLDINGS PLC (JKH.N0000) Fri Feb 15, 2013 2:08 pm

salt

salt
Vice President - Equity Analytics
Vice President - Equity Analytics
In fact, they should return money to shareholders. There is a huge cash pile in the bank deposits- roughly bout 23-25 billions - close Rs 25 per share.

6JOHN KEELLS HOLDINGS PLC (JKH.N0000) Empty Re: JOHN KEELLS HOLDINGS PLC (JKH.N0000) Fri Feb 15, 2013 2:16 pm

Arena


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
They have already built the casino..............JK stock brokers and JK Capital.............Capital buy at low in the private placement........JKB promote the IPO at 400% higher price...................SLH

7JOHN KEELLS HOLDINGS PLC (JKH.N0000) Empty Re: JOHN KEELLS HOLDINGS PLC (JKH.N0000) Fri Feb 15, 2013 2:40 pm

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
I dont see the logic of rights..

They have cash, at least to go for rights, do they eye for new investments?

They shouldn't do anything other than giving a good dividend as raptor pointed out.

8JOHN KEELLS HOLDINGS PLC (JKH.N0000) Empty Re: JOHN KEELLS HOLDINGS PLC (JKH.N0000) Fri Feb 15, 2013 2:43 pm

raptor


Manager - Equity Analytics
Manager - Equity Analytics
@smallville wrote:I dont see the logic of rights..

They have cash, at least to go for rights, do they eye for new investments?

They shouldn't do anything other than giving a good dividend as raptor pointed out.

I'd like to add that I tried to push a USD loan for them or capital markets transaction, the reply, they dont need the money and in fact are struggling to find good opportunities to spend their cash pile on.

My reply, return money to shareholders! better than spending on mediocre opportunities.

9JOHN KEELLS HOLDINGS PLC (JKH.N0000) Empty Re: JOHN KEELLS HOLDINGS PLC (JKH.N0000) Fri Feb 15, 2013 4:39 pm

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
If there’s any right issues then that will be a less painful than most right issues we have seen in recent past.
1 to 17 @ 150 would easily help them to find initial funds for their new project in slave island.
If they decide to go ahead with this project, we may see a right issue sometimes next year.

10JOHN KEELLS HOLDINGS PLC (JKH.N0000) Empty Re: JOHN KEELLS HOLDINGS PLC (JKH.N0000) Fri Feb 15, 2013 4:42 pm

rainmaker


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
No the idea is to milk as much out while the share price is high. The price has not been this good for some time.

If they miss this opportunity, any future rights issue will result in more shares being issued to raise the same amount of capital.

Remember even the Captains had to take a loan to purchase the rights issue.... even then they had to sell some of their shares to settle that loan. They were really upset that time.

11JOHN KEELLS HOLDINGS PLC (JKH.N0000) Empty Re: JOHN KEELLS HOLDINGS PLC (JKH.N0000) Fri Feb 15, 2013 5:09 pm

Arena


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
JKH is the best managed company in sri lanka. They want huge opportunities to invest. May be around 5-10b revenue potential with low risk. So they dont go for investments with out a proper plane.

What they normally do is get all the business proposals they get and sell those through JKC to other investors with minimum 2% gain. I have experience with them. They get billion value projects but simply they dont accept at all.



Last edited by Arena on Fri Feb 15, 2013 8:34 pm; edited 1 time in total

12JOHN KEELLS HOLDINGS PLC (JKH.N0000) Empty Re: JOHN KEELLS HOLDINGS PLC (JKH.N0000) Fri Feb 15, 2013 5:23 pm

rainmaker


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
No they want a 5 year pay back period.

Also they have a colombo mentality that prevents them from appreciating some parts of the country. - I'm not saying this is bad, but it is true if you know JKH well.



13JOHN KEELLS HOLDINGS PLC (JKH.N0000) Empty Re: JOHN KEELLS HOLDINGS PLC (JKH.N0000) Fri Feb 15, 2013 7:29 pm

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
At the time that JKH feels the higher share price is not reachable by ordinary investors they might go with split decision. Under the current market situations any plan of right issue is to be thought twice.

14JOHN KEELLS HOLDINGS PLC (JKH.N0000) Empty Re: JOHN KEELLS HOLDINGS PLC (JKH.N0000) Fri Feb 15, 2013 9:29 pm

VISA


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
what about buy back

15JOHN KEELLS HOLDINGS PLC (JKH.N0000) Empty Re: JOHN KEELLS HOLDINGS PLC (JKH.N0000) Fri Feb 15, 2013 11:41 pm

kukumarx


Manager - Equity Analytics
Manager - Equity Analytics
Keels are planning a huge development in their Glennie street property. This is the land on which JKH office is located and the Ceylon Cold Stores Land. I feel they will probably hold on to their reserves for this development.

16JOHN KEELLS HOLDINGS PLC (JKH.N0000) Empty Re: JOHN KEELLS HOLDINGS PLC (JKH.N0000) Sat Feb 16, 2013 2:32 am

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@kukumarx wrote:Keels are planning a huge development in their Glennie street property. This is the land on which JKH office is located and the Ceylon Cold Stores Land. I feel they will probably hold on to their reserves for this development.
. Yes you have a valid point here. So far they have been really quite on this.

17JOHN KEELLS HOLDINGS PLC (JKH.N0000) Empty Re: JOHN KEELLS HOLDINGS PLC (JKH.N0000) Sat Feb 16, 2013 10:08 am

raptor


Manager - Equity Analytics
Manager - Equity Analytics
@VISA wrote:what about buy back

Usually a company buys back shares when they think they are undervalued, JKH isn't undervalued. If you want to return money to shareholders its cheaper to up the dividend.

18JOHN KEELLS HOLDINGS PLC (JKH.N0000) Empty Re: JOHN KEELLS HOLDINGS PLC (JKH.N0000) Sat Feb 16, 2013 10:43 am

The Alchemist


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
JKH is planning on a mega mixed development on its approx 10 acres land bank in Glennie Street, Slave Island. Total project cost is approx usd 500-600 million. CCS may get equity share in new project for their land contribution. This project will be done in stages over 10 years. The project costs will be financed by a mix of available cash, Equity and Debt capital. the Equity portion may be financed by a private placement to a strategic investor or rights issue. so its safe to assume that you can forget about money being returned to shareholders through high dividends or share repurchases.

19JOHN KEELLS HOLDINGS PLC (JKH.N0000) Empty Re: JOHN KEELLS HOLDINGS PLC (JKH.N0000) Sat Feb 16, 2013 2:43 pm

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
What does mega mixed development include? Hotel, Housing & office building etc..well, if the planning stage is going on, funds from right issue will be one part of the capital sources.

20JOHN KEELLS HOLDINGS PLC (JKH.N0000) Empty Re: JOHN KEELLS HOLDINGS PLC (JKH.N0000) Sat Feb 16, 2013 3:27 pm

kukumarx


Manager - Equity Analytics
Manager - Equity Analytics
@worthiness wrote:What does mega mixed development include? Hotel, Housing & office building etc..well, if the planning stage is going on, funds from right issue will be one part of the capital sources.

I hear it will also include a casino. More info on the project (including pictures) in this thread

http://www.skyscrapercity.com/showthread.php?t=1566097



Last edited by kukumarx on Sat Feb 16, 2013 9:05 pm; edited 2 times in total (Reason for editing : info added)

21JOHN KEELLS HOLDINGS PLC (JKH.N0000) Empty Re: JOHN KEELLS HOLDINGS PLC (JKH.N0000) Sat Feb 16, 2013 4:25 pm

mark

mark
Expert
Expert
il be very happy to see JKH owned by foreigners Very Happy

btw right issue will make a good damage to ASI and it will shy away current retailers from JKH :p

22JOHN KEELLS HOLDINGS PLC (JKH.N0000) Empty Re: JOHN KEELLS HOLDINGS PLC (JKH.N0000) Sat Feb 16, 2013 7:11 pm

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
To motivate the retailers & keep them in tact, split is the solution.
I am not sure it is legal or any implications to go with share split after rights issue process.

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
July 11, 2013 (LBO) - A mixed resort project in Sri Lanka's capital Colombo by listed John Keells group will involve investments up to 850 million US dollars, officials said.
Investment promotions minister Lakshaman Yapa Abeywardene, said Thursday the project has been approved by the state investment agency, the Board of Investment of Sri Lanka, which gives tax holidays.
JKH said in a statement Wednesday it is building an 'integrated resort' but made no mention of gaming, though the project is widely expected to have a casino.

Minister Abeywardene said the promotors could operate a casino in the premises if they wanted to but the government had not issued a license.


No information was provided on a specific foreign partner.
BOI director general Lakshman Jayaweera said the project expects to raise up to 300 million dollars from a number overseas investors through a rights issue.
The project firm Waterfront Properties (Pvt) Ltd, will get a 10 year tax holiday, dividend tax exemption for 11 years, customs duty exempted for capital imports, value added tax and airport and port development levy for five years.

Up to 20 employees to be exempt from pay as you earn tax for five years.

The project will have a luxury hotel, convention centre, entertainment facilities, a shopping mall, luxury condominiums, serviced apartments and office space.

http://www.lankabusinessonline.com/news/sri-lanka-john-keells-mixed-resort-investment-up-to-$850mn/2021753490

24JOHN KEELLS HOLDINGS PLC (JKH.N0000) Empty Re: JOHN KEELLS HOLDINGS PLC (JKH.N0000) Thu Jul 11, 2013 5:35 pm

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
If above statement is true, They should go for right issues at least on two different occasions.

Above is roughly equal to Rs 80.00 per share.

25JOHN KEELLS HOLDINGS PLC (JKH.N0000) Empty Re: JOHN KEELLS HOLDINGS PLC (JKH.N0000) Thu Jul 11, 2013 6:48 pm

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@smallville wrote:I dont see the logic of rights..

They have cash, at least to go for rights, do they eye for new investments?

They shouldn't do anything other than giving a good dividend as raptor pointed out.

I asked this in Feb cuz they didnt have anything important up in their sleeves to highlight them as I cud remember as the biggest conglomerate in SL  and out of no where now they're proposing the Govt. over $650 mil mega project, a luxry resort in their CCS's own land..

Geez.. If this fund thru rights, then I'm in a doubt of the 300-400 goal. As we've always seen that rights in smaller numbers are a failure while 20,30 rights for 1 share were hit the roofs.. Less rights are really good for the share price to hold on to a much manageable level. It doesn't bring the NAV to decrease in big numbers.. But our market?? Sigh!!!

But look at the good things here.. Its a BOI project - means there are tax concessions, may be for 5-10 years less or free tax period would be the one they're looking at. Then the job opportunities it creates, the foreign revenue it attracts, foreign investments that come in seeing a major project handled by the largest conglomerate in SL are the best things that our country and Govt can expect.

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