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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » CAUTION - Shareholders of Abans group companies , Depositors and Bankers -

CAUTION - Shareholders of Abans group companies , Depositors and Bankers -

2 posters

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Wimal Modawansa

Wimal Modawansa
Manager - Equity Analytics
Manager - Equity Analytics
Shareholders of Abans PLC have transferred their share holding to P N P Logistics (pvt) Ltd , a fully owned subsidiary of Abans International (pvt) Ltd.(both are paper companies).
Troubled Abans group is already suffering from  steep decline in profitability and high debt , some of which are supported by Director”s personal guarantees and indemnities.
Share values of quoted companies in the group may fluctuate heavily.
Priorities of Bankers will change and positions of lending bankers may be diluted.
Only some banks have placed covenants saying that "shareholding structure should not be changed with out their written approvals".

DS Wijesinghe


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Any idea about the banks that have high exposure levels?

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