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.

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


Submit PostSubmit Post
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post



Latest topics

» UNHCR Fear is over 21 countries speak for us only 15 against
by kalu351 Today at 2:11 am

» SOFTLOGIC HOLDINGS PLC (SHL.N0000)
by suku502 Today at 12:58 am

» NATIONS TRUST BANK PLC (NTB.N0000)
by ColomboCSE Yesterday at 9:17 pm

» පෙබරවාරි මාසේ කොළඹ කොටස් වලට මොකක්ද වුනේ - බැසුවාද ? බැස්සාද ?
by xhunter Yesterday at 8:45 pm

» DFCC will be receiving Rs.594,538,285.50
by Wonderer Yesterday at 7:49 pm

» Daily Foreign Transactions
by Pradeep90 Yesterday at 6:42 pm

» UNHCR එකේ ලොකූ ටෝක දැම්මට සමහර ඔස්තාර් ලා කියන ආර්තික සම්භාදක අරවා මේවා මුකුත් එන්නේ නැ
by Vishwanarth Yesterday at 6:27 pm

» BROWNS INVESTMENTS PLC (BIL.N0000)
by samaritan Yesterday at 9:45 am

» GLAS will be winner with Super Gain.
by Eranga87 Yesterday at 2:00 am

» If you are one of those people who can sleep at night while someone else is in control of your destiny, then my advice would be to only invest in stocks
by Asoka Samarakone Thu Feb 25, 2021 9:58 pm

» Price prediction on GRAN and TAFL
by Bakkabwoi Thu Feb 25, 2021 6:22 pm

» SEMB SEMB
by stockchaser Thu Feb 25, 2021 2:57 pm

» EXPOLANKA HOLDINGS PLC (EXPO.N0000)
by Vishwanarth Thu Feb 25, 2021 2:54 pm

» Bullish sentiment returns with market regulator's assurance
by Vishwanarth Thu Feb 25, 2021 2:52 pm

» DIPD/HAYC/HAYL
by Wickyz Thu Feb 25, 2021 1:19 pm

» Chart 25.02.2021
by stockback Thu Feb 25, 2021 12:41 pm

» is it a good time to sell expo shares
by Kipling Thu Feb 25, 2021 8:39 am

» Current 2021 Februray Unit Trust/Unit Fund Per Annum percentages
by agentnrox Thu Feb 25, 2021 8:13 am

» Leading brokers causing market downturn
by Mithooshan Thu Feb 25, 2021 7:40 am

» Must watch this video - unnecessary panic
by Jana Thu Feb 25, 2021 1:03 am

EXPERT CHRONICLE™

ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

CHRONICLE™ NEWS PRODUCTS

FINANCIAL CHRONICLE™

Views & Reviews, Analysis, Evaluations, Discussions, Gossip and Hot Tips relating to Sri Lankan companies listed on the Colombo Stock Exchange (CSE)
Contribute




DAILY CHRONICLE™

Latest news and articles published in Newspapers, Websites, Blogs and other online news sites relating to business and investments in Sri Lanka
Contribute



ECONOMIC CHRONICLE™

This is a section that provide news, views, analysis, predications relating to Political and Socio-Economic factors and how such activities affect the Stock Market and other economic activity of the Country.

Contribute




EXPERT CHRONICLE™

This is an exclusive section for Expert Articles which will help member to share knowledge through comments and responses of the members. All members are allowed to reply and make comments to these articles.

Contribute


Submit Post


CHRONICLE™ YouTube

Youtube Videos and other visual presentations relating Stock market and other investment advise submitted by members or other contributors.

Contribute


Submit Post


කොළඔ කොටස් වෙළඳපොළේ වංශකථාව
කොළඔ කොටස් වෙළඳපොළේ ලැයිස්තුගත සමාගම් කොටස් ගැන තොරතුරු¸විශ්ලේෂණ¸සාකච්ඡා¸ කටකතා¸රසකතා යන සියල්ල අපේම සිංහලෙන් කතා කළ හැකි ‘කතා මණ්ඩපය’

Contribute

Twitter Feeds
POPULAR COMPANIES
A

ABANS ELECTRICALS PLC

ACCESS ENGINEERING PLC Hot

ACL CABLES PLC

ACL PLASTICS PLC

ACME PRINTING & PACKAGING PLC

AGSTAR PLC

AITKEN SPENCE HOTEL HOLDINGS PLC

AITKEN SPENCE PLC

ANILANA HOTELS AND PROPERTIES PLC

ARPICO INSURANCE PLC

ASIA ASSET FINANCE PLC

ASIA CAPITAL PLC

B

BAIRAHA FARMS PLC

BALANGODA PLANTATIONS PLC

BIMPUTH FINANCE PLC

BLUE DIAMONDS JEWELLERY WORLDWIDE PLC

B P P L HOLDINGS PLC

BROWNS BEACH HOTELS PLC

BROWNS INVESTMENTS PLC

C

CARGO BOAT DEVELOPMENT COMPANY PLC

CENTRAL INDUSTRIES PLC

CEYLON COLD STORES PLC

CEYLON GRAIN ELEVATORS PLC Hot

CEYLON TEA BROKERS PLC

CEYLON TOBACCO COMPANY PLC

CHEVRON LUBRICANTS LANKA PLC

COLOMBO FORT LAND & BUILDING PLC

COMMERCIAL BANK OF CEYLON PLC

CITRUS LEISURE PLC Hot

COMMERCIAL CREDIT AND FINANCE PLC

D

DANKOTUWA PORCELAIN PLC

DFCC BANK PLC

DIALOG AXIATA PLC

DIALOG FINANCE PLC

DIPPED PRODUCTS PLC

DISTILLERIES COMPANY OF SRI LANKA PLC

DUNAMIS CAPITAL PLC

E

EAST WEST PROPERTIES PLC Hot

EASTERN MERCHANTS PLC

EXPOLANKA HOLDINGS PLC

E-CHANNELLING PLC

F

FIRST CAPITAL HOLDINGS PLC

G

GALADARI HOTELS (LANKA) PLC

GUARDIAN CAPITAL PARTNERS PLC

H

HATTON NATIONAL BANK PLC

HAYLEYS PLC

HAYLEYS FABRIC PLC

HAYLEYS FIBRE PLC Hot

HEMAS HOLDINGS PLC

HIKKADUWA BEACH RESORT PLC

HNB ASSURANCE PLC

HVA FOODS PLC

J

JANASHAKTHI INSURANCE COMPANY PLC

JOHN KEELLS HOLDINGS PLC Hot

JOHN KEELLS HOTELS PLC

L

LANKA ASHOK LEYLAND PLC

LANKA IOC PLC

LANKEM CEYLON PLC

LANKEM DEVELOPMENTS PLC

LAUGFS GAS PLC

LAUGFS POWER LIMITED

LOLC FINANCE PLC

LOLC HOLDINGS PLC

LUCKY LANKA MILK PROCESSING COMPANY PLC

M

MELSTACORP PLC

N

NATIONAL DEVELOPMENT BANK PLC

NATION LANKA FINANCE PLC

NESTLE LANKA PLC

O

ORIENT FINANCE PLC

OVERSEAS REALTY (CEYLON) PLC

P

PANASIAN POWER PLC

PEOPLE'S LEASING & FINANCE PLC

PIRAMAL GLASS CEYLON PLC

PRIME FINANCE PLC

R

RAIGAM WAYAMBA SALTERNS PLC

RENUKA AGRI FOODS PLC

RENUKA CAPITAL PLC

RENUKA HOLDINGS PLC

RICHARD PIERIS AND COMPANY PLC

RICHARD PIERIS EXPORTS PLC Hot

ROYAL CERAMICS PLC

S

SAMPATH BANK PLC

SEYLAN BANK PLC

SIERRA CABLES PLC

SINGHE HOSPITALS PLC Hot

SMB LEASING PLC

SOFTLOGIC HOLDINGS PLC

SOFTLOGIC LIFE INSURANCE PLC

SRI LANKA TELECOM PLC

SWISSTEK (CEYLON) PLC Hot

T

TEEJAY LANKA PLC

TESS AGRO PLC

THREE ACRE FARMS PLC

TOKYO CEMENT COMPANY (LANKA) PLC Hot

U

UNION BANK OF COLOMBO PLC

V

VALLIBEL FINANCE PLC

VALLIBEL ONE PLC Hot

VALLIBEL POWER ERATHNA PLC

W

WASKADUWA BEACH RESORT PLC


You are not connected. Please login or register

FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » ABANS Unfair Offer Price

ABANS Unfair Offer Price

Go down  Message [Page 1 of 1]

1ABANS Unfair Offer Price Empty ABANS Unfair Offer Price Thu May 18, 2017 4:31 pm

Investor1994


Equity Analytic
Equity Analytic
Ironwood Holdings paid ABANS 3 lkr for the rights to buy the shares with which they crossed the mandatory offer mark. This 3 lkr should be part of the price that Ironwood paid to obtain the shares and as such should be included in the offer price. It is incredibly unfair that two major shareholders can work together to gain control of a company in this regard and blatantly bypass the regulation surrounding mandatory offers. We should also look to see why ABANS did not sell any shares at a higher price to other investors who were willing to purchase it at that price. That would show that they had colluded with Ironwood Holdings in a pre-meditated move.

fortuneteller

fortuneteller
Senior Equity Analytic
Senior Equity Analytic
Abans has always manipulated.
 -When the company was formed no cash was put in. -Hire Purchase portfolio was transferred as share capital.(Central Bank pf Sri Lanka).
 -When listing was made shares were fraudulently transferred to employees to cheat the CSE/SEC on free float rule.(CSE/SEC)
-Those employees have no means to buy the shares and FCID should investigate under money laundering act(Employees of Abans)
-If the initial share holder list is checked these employees could be identified(Varners International-company secretaries)
-CDS accounts were opened with Acquity and JB stock brokers and shares sold fraudulently without payment of money.(Acquity and JB stock brokers.)
-When private placement was made shares were issued to Ironwood , company owned by independent director and audit committee chairman Hiran Embuldeniya at a discounted price of Rs 25.00 when the share was trading at 69.90 ,cheating the minority share holders(stock exchange records)
-Hiran Embuldeniya requested approval to buy shares even before the Company was incorporated(Central Bank of Sri Lanka)
-Seylan bank offered 2 times the asset value to buy the shares but private placement was at 1.4 times asset price to Ironwood.(Seylan Bank)
-A company named Able Investment was set up to buy and transfer shares of employees and the rate at which such company bought the shared should be the mandatory offer price as Abans and Ironwood have acted in consort(Registrar of companies)
-Poor CSE and SEC , They were cheated and taken for a ride(Investors and General public.)
-Mr Hiran Embuldeniya common Director of Abans And Ironwood continue to serve as Audit Committee Chairman and Independent Director(Varners International-company secretaries)
-WHAT A MANUPULATION OF CORPORATE GOVERNANCE !!!

fortuneteller

fortuneteller
Senior Equity Analytic
Senior Equity Analytic
DOES THIS NEWS ITEM ON EXCHANGE CONTROL FRAUD HAVE ANY RELEVANCE TO  THE FAMOUS ONE WEEK DIRECTOR @ "A FINANCE COMPANY" (and his deputy) FOR WHICH MANDATORY OFFER IS MADE?  Embarassed Embarassed Embarassed Embarassed Embarassed                                                                                                 
+Customs probe continues into luxury car undervaluation.                                                                                                      +Sri Lanka Customs is still to complete an investigation into a massive vehicle racket of importing 1500 undervalued luxury cars in 2015 causing a loss of billions of rupees to the country, officials alleged. 
+investigations are yet to be completed due to the complex nature of the racket involving a private vehicle firm and a leasing company (which changed its name after the fraud was detected) which is a subsidiary of a bank, Customs spokesman Dharmasena Kahandawa reported.                                                                      +This private vehicle importer had registered a company overseas and the luxury cars were imported through this company for several local car dealers, he said, adding that a leasing company which (changed its name after fraud was detected) is a subsidiary of a bank has provided loans to import those vehicles.                                                                                                                 +The modus operandi of the racket was to open Letters of Credit (LCs) for a value less than the actual value under the name of the overseas company and brought down those vehicles without directly importing from the manufacturing company in Germany.                                                                                                              +Racketeers have imported those vehicles using duty free and duty slashed permits issued to Ministers, MPs, provincial councilors and senior government officials, a Customs trade union leader said.                                                                                                                     +He noted that a senior official of customs has lodged a complaint at the Bribery or Corruption Investigation Commission claiming that this custom duty fraud had taken place with the knowledge of a top politician in the country.                                                                                                                +Already the Government has forfeited a staggering Rs. 57 billion in revenue granting duty free concessions for import of vehicles for public servants, Treasury data revealed.                                                                                                               +The duty free permit only allows a senior official to import a vehicle valued at less than US$35,000. Most officials sell those permits as they don’t have money to import a vehicle even on a permit.                                                                                                                  +Some motor traders purchase these permits and use the permits to import luxury vehicles, he said.                                                                                                                     +He said these companies also receive a tariff relief on the declared value of less than US$35,000 when importing the vehicles.                                                                                                                +He said the companies pay about 0.45 per cent tax to the Customs instead of the actual taxes of 352.12 per cent.                                                                                                                     +At least Rs 13.9 million per vehicle was being lost by not levying the actual duty, levies and other charges, he disclosed.

4ABANS Unfair Offer Price Empty Re: ABANS Unfair Offer Price Mon Jul 10, 2017 4:38 pm

Quibit


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Never trust abans and Prestongies. They will never leave anything to the minority shareholders. boycott them..

5ABANS Unfair Offer Price Empty Re: ABANS Unfair Offer Price Mon Jul 10, 2017 7:52 pm

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Quibit

There is a speculation that a possible risk for short term Fixed deposit holders with Abans Finance. What is your opinion of the risk factor on short term (3 -6 months) deposits.

fortuneteller

fortuneteller
Senior Equity Analytic
Senior Equity Analytic
The Following staff members were allocated free shares-MRS. H G S CHANDRAKANTHI, MRS. M V I F FERNANDO, MR. A H A JAYASINGHE, MR. D S KARUNAKARAN, MR. K KUNENTHIRAN, MR. N N PERERA, MR. P K PESTONJEE, MISS. C V SUMANADASA,  Mr S C H GAMAGE and MISS. I N JALALDEEN.(Source-Annual Report –AFSL. 2011/2012.)
These employees have no means to buy the shares.(source-Employees of Abans PLC)

They have sold the shares and are multi millionaires now!

7ABANS Unfair Offer Price Empty Re: ABANS Unfair Offer Price Tue Jul 11, 2017 10:17 am

fortuneteller

fortuneteller
Senior Equity Analytic
Senior Equity Analytic
@Quibit wrote:Never trust abans and Prestongies. They will never leave anything to the minority shareholders. boycott them..
Don't assume things! They loook after the staff well.

The Following staff members were allocated free shares-MRS. H G S CHANDRAKANTHI, MRS. M V I F FERNANDO, MR. A H A JAYASINGHE, MR. D S KARUNAKARAN, MR. K KUNENTHIRAN, MR. N N PERERA, MR. P K PESTONJEE, MISS. C V SUMANADASA,  Mr S C H GAMAGE and MISS. I N JALALDEEN.(Source-Annual Report –AFSL. 2011/2012.)

These employees have no means to buy the shares.(source-Employees of Abans PLC)




Most of them  have sold the shares and are multi millionaires now! Very Happy Very Happy Very Happy

8ABANS Unfair Offer Price Empty Re: ABANS Unfair Offer Price Sat Jul 15, 2017 12:14 pm

fortuneteller

fortuneteller
Senior Equity Analytic
Senior Equity Analytic
@Quibit wrote:Never trust abans and Prestongies. They will never leave anything to the minority shareholders. boycott them..

Caution-
Abans Finance downgraded to associate company of Abans Group and lose it's subsidiary status.
Ironwood Investment Holdings (Private) Limited which successfully concluded the Mandatory offer of Abans Finance PLC is likely to replace the Chairman by an independent Professional Shortly?

9ABANS Unfair Offer Price Empty Re: ABANS Unfair Offer Price Sat Jul 15, 2017 7:29 pm

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Now Ironwood investments holds 41.89%..Correct?

10ABANS Unfair Offer Price Empty Re: ABANS Unfair Offer Price Tue Jul 18, 2017 10:13 am

fortuneteller

fortuneteller
Senior Equity Analytic
Senior Equity Analytic
CAUTION-KEEP AWAY FROM AFSL

 MAJOR CHANGES AFTER ABANS GROUP PARTLY EXITING ABANS FINANCE

Senior most staff member recruited by one of the major shareholder Ironwwod Investment without the knowledge of Abans group for recoveries told to quit after the bad loans and provisions increased substantially?


Profits for the three months up to JUNE 2017 has droped to below Rs 10 Mn mark from Rs 35.3 Mn?

11ABANS Unfair Offer Price Empty Re: ABANS Unfair Offer Price Tue Jul 18, 2017 6:51 pm

Wimal Modawansa

Wimal Modawansa
Manager - Equity Analytics
Manager - Equity Analytics
DOES THIS NEWS ITEM ON EXCHANGE CONTROL FRAUD HAVE ANY RELEVANCE TO TWO SENIOR OFFICIALS OF "A FINANCE COMPANY" FOR WHICH MANDATORY OFFER WAS CONCLUDED?                                                                                               
•Customs probe continues into luxury car undervaluation. •Sri Lanka Customs is still to complete an investigation into a massive vehicle racket of importing 1500 undervalued luxury cars in 2015 causing a loss of billions of rupees to the country, officials alleged. •These investigations are yet to be completed due to the complex nature of the racket involving a private vehicle firm and a leasing company (which changed its name after the fraud was detected) which is a subsidiary of a bank, Customs spokesman Dharmasena Kahandawa reported. •This private vehicle importer had registered a company overseas and the luxury cars were imported through this company for several local car dealers, he said, adding that a leasing company which (changed its name after fraud was detected) is a subsidiary of a bank has provided loans to import those vehicles. •The modus operandi of the racket was to open Letters of Credit (LCs) for a value less than the actual value under the name of the overseas company and brought down those vehicles without directly importing from the manufacturing company in Germany. •Racketeers have imported those vehicles using duty free and duty slashed permits issued to Ministers, MPs, provincial councilors and senior government officials, a Customs trade union leader said. •He noted that a senior official of customs has lodged a complaint at the Bribery or Corruption Investigation Commission claiming that this custom duty fraud had taken place with the knowledge of a top politician in the country. •Already the Government has forfeited a staggering Rs. 57 billion in revenue granting duty free concessions for import of vehicles for public servants, Treasury data revealed. •The duty free permit only allows a senior official to import a vehicle valued at less than US$35,000. Most officials sell those permits as they don’t have money to import a vehicle even on a permit. •Some motor traders purchase these permits and use the permits to import luxury vehicles, he said. •He said these companies also receive a tariff relief on the declared value of less than US$35,000 when importing the vehicles. •He said the companies pay about 0.45 per cent tax to the Customs instead of the actual taxes of 352.12 per cent. •At least Rs 13.9 million per vehicle was being lost by not levying the actual duty, levies and other charges, he disclosed.

12ABANS Unfair Offer Price Empty Re: ABANS Unfair Offer Price Tue Aug 01, 2017 8:01 pm

fortuneteller

fortuneteller
Senior Equity Analytic
Senior Equity Analytic
Abans has always manipulated.
 -When the company was formed no cash was put in. -Hire Purchase portfolio was transferred as share capital.(Central Bank pf Sri Lanka).
 -When listing was made shares were fraudulently transferred to employees to cheat the CSE/SEC on free float rule.(CSE/SEC)
-Those employees have no means to buy the shares and FCID should investigate under money laundering act(Employees of Abans)
-If the initial share holder list is checked these employees could be identified(Varners International-company secretaries)
-CDS accounts were opened with Acquity and JB stock brokers and shares sold fraudulently without payment of money.(Acquity and JB stock brokers.)
-When private placement was made shares were issued to Ironwood , company owned by independent director and audit committee chairman Hiran Embuldeniya at a discounted price of Rs 25.00 when the share was trading at 69.90 ,cheating the minority share holders(stock exchange records)
-Hiran Embuldeniya requested approval to buy shares even before the Company was incorporated(Central Bank of Sri Lanka)
-Seylan bank offered 2 times the asset value to buy the shares but private placement was at 1.4 times asset price to Ironwood.(Seylan Bank)
-A company named Able Investment was set up to buy and transfer shares of employees and the rate at which such company bought the shared should be the mandatory offer price as Abans and Ironwood have acted in consort(Registrar of companies)
-Poor CSE and SEC , They were cheated and taken for a ride(Investors and General public.)
-Mr Hiran Embuldeniya common Director of Abans And Ironwood continue to serve as Audit Committee Chairman and Independent Director(Varners International-company secretaries)
-WHAT A MANUPULATION OF CORPORATE GOVERNANCE !!!

fortuneteller

fortuneteller
Senior Equity Analytic
Senior Equity Analytic
Abans group to divest further shares in Abans Finance PLC to comply with continuous listing requirements(Source-CSE)
-Abans Finance was recently  downgraded to associate company of Abans Group and lost it's subsidiary status.
-Ironwood Investment Holdings (Private) Limited which successfully concluded the Mandatory offer of Abans Finance PLC is likely to replace the Chairman by an independent Professional Shortly?

14ABANS Unfair Offer Price Empty Re: ABANS Unfair Offer Price Sun Aug 06, 2017 6:37 pm

Wimal Modawansa

Wimal Modawansa
Manager - Equity Analytics
Manager - Equity Analytics
Dirty Abans Group has shown their ugly face again by releasing profit figures to the media before releasing to Stock Exchange.

Helpless CSE and SEC is silent?

Wimal Modawansa

Wimal Modawansa
Manager - Equity Analytics
Manager - Equity Analytics
Abans Finance PLC (member of troubled Abans group) profits for the quarter ended June 2017 has been Rs 9 Mn dropped from 35Mn the previous year same quarter?

This is despite stated capital increasing from Rs 382 Mn to Rs 1,121 Mn  by private placement and Abans group downgrading to associate status?

Is this why the buyers are at Rs 22.00 which is lower than mandatory offer price of Rs 25.00?

Sponsored content


Back to top  Message [Page 1 of 1]

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