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

» අද රාත්‍රියෙන් පසු, යක්ෂයාගේ හෝරාව ඇරඹේ!
by God Father Yesterday at 9:18 pm

» Sri Lanka Stock Market heading toward ASPI 4500
by God Father Yesterday at 9:14 pm

» Why no power cuts in certain areas of Colombo?
by God Father Yesterday at 8:03 pm

» Breaking News- Kanchana to go to Qatar ; 2 more ministers off to Russia
by samaritan Yesterday at 12:26 pm

» Expolanka to continue its winning streak
by samaritan Yesterday at 9:49 am

» කොළඹ රාජකීය ගොල්ෆ් සමාජය විසින් රජයේ දේපළ අවභාවිත කිරීම
by ddindika Yesterday at 9:33 am

» LOLC to enter the giant Indian Market
by samaritan Yesterday at 9:17 am

» LOLC HOLDINGS PLC (LOLC.N0000)
by CHRONICLE™ Yesterday at 6:46 am

» SOEs within Minimum Programme for Economic Recovery
by CHRONICLE™ Yesterday at 6:44 am

» COVID WAVES: Can there be another Covid-19 wave in Sri Lanka?
by CHRONICLE™ Yesterday at 6:36 am

» Luminex Limited lists on the Diri Savi Board after a capital raise of Rs. 250 Million
by CHRONICLE™ Yesterday at 6:34 am

» Importance of Agroforestry for Sri Lanka
by CHRONICLE™ Yesterday at 6:31 am

» Nivard Cabraal sets record straight on decision to allow flexibility to the rupee
by God Father Sun Jun 26, 2022 11:15 pm

» Baseless accusations against the former Governor Nivard Cabraal
by ChooBoy Sun Jun 26, 2022 10:44 pm

» Heavy losses at CPC whilst LIOC records profit
by ChooBoy Sun Jun 26, 2022 1:32 pm

» Misuse of government property by Royal Colombo Golf Club
by ChooBoy Sat Jun 25, 2022 12:52 pm

» SL Cauvery and Mannar Basins Petroleum Resource Data Revealed
by samaritan Sat Jun 25, 2022 12:00 pm

» 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

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™ » Avoid investing in Abans Group company shares

Avoid investing in Abans Group company shares

3 posters

Go down  Message [Page 1 of 1]

Wimal Modawansa

Wimal Modawansa
Manager - Equity Analytics
Manager - Equity Analytics

ABANS GROUP SELLS FINANCE COMPANY TO LAUNDRY OPERATOR , LOSSES CONTROL  & CAPITAL INFUSION FAILS TO SAVE ABANS FINANCE -

Abans Finance PLC profit declines to  55Mn From 78 Mn , after being downgraded to associate status -

Worse ever performance by a Company with Equity base of Rs 1.1 Bn.

-Non performing assets increased from 534 Mn to 805 Mn.

-Interest margin declined from 13.5 % to 11.2 %.
-Return on average assets declined from 3.4 % to 2.0%. 
-Return on average Equity declined from 20.5 % to 8.0%.


CENTRAL BANK FINDS MAJOR MANIPULATIONS AND NON COMPLIANCE WITH DIRECTIVES TO REPORT FALSE PROFITS/


COO requested to quit after Non performing assets increased from 534 Mn to 805 Mn.

fortuneteller

fortuneteller
Senior Equity Analytic
Senior Equity Analytic

The first quarter profit drop was even worse from Rs 35 Mn to Rs 9 Mn. The Company is reported to be run by Harward graduates but, the performance does not reflect this.

 The officer responsible for increase in non performing advances , COO has pleaded with the Directors to give him a chance to continue on sympathetic grounds.

Abans Finance was bought by an independent director of Abans group at deeply discounted price cheating the minority share holders.

Abans group incurred a loss of Rs 35 Mn during the last quarter.

Abans group six months profit dropped from Rs 337 Mn to Rs 52 Mn which is a drop of 84%.

BE CAUTIOUS1

Teller

Teller
Moderator
Moderator

True..

4Avoid investing in Abans Group company shares Empty Teller = TellerX Fri Dec 08, 2017 10:45 am

Teller

Teller
Moderator
Moderator

Due to techical issue
Teller= TellerX ...in near future

Wimal Modawansa

Wimal Modawansa
Manager - Equity Analytics
Manager - Equity Analytics

Debt - Ridden ........ face closure?
(Source - Sunday Times)

fortuneteller

fortuneteller
Senior Equity Analytic
Senior Equity Analytic

fortuneteller wrote:The first quarter profit drop was even worse from Rs 35 Mn to Rs 9 Mn. The Company is reported to be run by Harward graduates but, the performance does not reflect this.

 The officer responsible for increase in non performing advances , COO has pleaded with the Directors to give him a chance to continue on sympathetic grounds.

Abans Finance was bought by an independent director of Abans group at deeply discounted price cheating the minority share holders.

Abans group incurred a loss of Rs 35 Mn during the last quarter.

Abans group six months profit dropped from Rs 337 Mn to Rs 52 Mn which is a drop of 84%.

BE CAUTIOUS1

One cannot blame only the Pestonjees or the Independent Director  Silva Wijeratne for this bad performance. The  other Independent Director Eran himbuldenitya cheated the minority shareholders of Abans Finance Plc. Independent Directors with conflict of interest such as Eran Himbuldeniya will have to be declared as Non-Independent Director as per the governance requirements.

Wimal Modawansa

Wimal Modawansa
Manager - Equity Analytics
Manager - Equity Analytics

ABANS GROUP SELLS FINANCE COMPANY TO LAUNDRY OPERATOR , LOSSES CONTROL  & CAPITAL INFUSION FAILS TO SAVE ABANS FINANCE -

Abans Finance PLC profit declines to  55Mn From 78 Mn , after being downgraded to associate status -

Worse ever performance by a Company with Equity base of Rs 1.1 Bn.

-Non performing assets increased from 534 Mn to 805 Mn.

-Interest margin declined from 13.5 % to 11.2 %.
-Return on average assets declined from 3.4 % to 2.0%. 
-Return on average Equity declined from 20.5 % to 8.0%.


CENTRAL BANK FINDS MAJOR MANIPULATIONS AND NON COMPLIANCE WITH DIRECTIVES TO REPORT FALSE PROFITS.


CEO is only a puppet and does not get involved in any business promotion and always on the computer preparing his assignments for studies.

Two staff members of Ironwood Investments , one of the major share holder works as full time employees and runs the business and gives directions to staff.


COO who knows nothing other than recoveries has also messed up and the Non performing assets increased from 534 Mn to 805 Mn. COO is also not allowing the recovery staff to check the payments on new loans which are in arrears.

Both are planning to collect some fictitious cheques from customers and manipulate the profits for December 2017.

The Chief Internal Auditor is also assisting the management to manipulate the profits.

The Chief Financial Officer has quit his job and the head of risk also has submitted his resignation after the CBSL Audit.

Small number of shares are traded at high prices to manipulate  the market price.


Be cautious and  don't get carried away and looses your money.

fortuneteller

fortuneteller
Senior Equity Analytic
Senior Equity Analytic

Abans Finance PLC  share which was trading at Rs 69.90 has dropped after decline in profits. Independent Director  Himubuldeniya's paper Company bought money from Cayman Island and bought at Rs 25.00 defrauding minority share holders

Trades are presently at Rs 22.00 levels but small quantities of 2 to 20  shares are trading at higher prices due to manipulation. Don't get cought to   - "Pumping and Dumping".

“Ironwood Investment” , Abans group and proxies are manipulating the share price of Abans Finance PLC by “Pump and dump" (P&D) which is a form of microcap stock fraud that involves artificially inflating the price of an owned share through false and misleading trades. They undertook to reduce their holding to satisfy minimum float requirements.

SEC and CSE should investigate the trades of small number of shares traded at artificially high prices to mislead investors.

Wimal Modawansa

Wimal Modawansa
Manager - Equity Analytics
Manager - Equity Analytics

fortuneteller wrote:Abans Finance PLC  share which was trading at Rs 69.90 has dropped after decline in profits. Independent Director  Himubuldeniya's paper Company bought money from Cayman Island and bought at Rs 25.00 defrauding minority share holders

Trades are presently at Rs 22.00 levels but small quantities of 2 to 20  shares are trading at higher prices due to manipulation. Don't get cought to   - "Pumping and Dumping".

“Ironwood Investment” , Abans group and proxies are manipulating the share price of Abans Finance PLC by “Pump and dump" (P&D) which is a form of microcap stock fraud that involves artificially inflating the price of an owned share through false and misleading trades. They undertook to reduce their holding to satisfy minimum float requirements.

SEC and CSE should investigate the trades of small number of shares traded at artificially high prices to mislead investors.

The Managing Director , General Manger ,Chief Financial Officer and Head of Risk of Abans Finance PLC have resigned. Any idea of the outcome of the Central Bank investigation on the Company? Are the Deposits safe and will the share price go down to Rs 15.00 to Rs 17.00 levels?
Is the share worth at Rs 15.00 the rate at which Singer Finance is trading?

fortuneteller

fortuneteller
Senior Equity Analytic
Senior Equity Analytic

Is this the same Abans group which was closely associated with the earlier regime?


They obtained a land from BOI to construct low cost houses at concessionary rate and later constructed a motor assembly plant ?


Obtained Colombo Commercial Company property to construct a mall and an apartment by passing the tender procedures without proper cabinet approval ?

Back to top  Message [Page 1 of 1]

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