Family owned Abans Group for sale?

fortuneteller · 1 Family owned Abans Group for sale? Mon Apr 30, 2018 1:46 pm

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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.

Troubled Abans group which is already suffering from steep decline in profitability and high debt is for sale?

samaritan · 2 Re: Family owned Abans Group for sale? Fri May 04, 2018 8:21 am

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@fortuneteller wrote: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.

Troubled Abans group which is already suffering from steep decline in profitability and high debt is for sale?

Don't worry they are planning to reshuffle the top management scientifically to resolve the crisis.

Wimal Modawansa · 3 Re: Family owned Abans Group for sale? Fri May 04, 2018 12:45 pm

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Thanks for the update.

Will the Independent Director and Ex-MD/CEO of Tee Jay Mr Sriyan De silva Wijeratne (prrsently unemployed)removed on scientific basis?

What will happen to the Audit Committee Chairman Mr Hiran Embuldeniya (Unemployed)who is reported as Director with conflict of interest ?
                                                                 What are the other changes?

samaritan · 4 Re: Family owned Abans Group for sale? Fri May 04, 2018 6:22 pm

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@Wimal Modawansa wrote:Thanks for the update.

Will the Independent Director and Ex-MD/CEO of Tee Jay Mr Sriyan De silva Wijeratne (prrsently unemployed)removed on scientific basis?

What will happen to the Audit Committee Chairman Mr Hiran Embuldeniya (Unemployed)who is reported as Director with conflict of interest ?
                                                                 What are the other changes?

Similar to the recently concluded cabinet reshuffle which is said to have taken place scientifically, the employed may become unemployed & unemployed may become employed and Abans may continue as 'Rabans'.

sureshot · 5 Re: Family owned Abans Group for sale? Fri May 04, 2018 8:31 pm

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ABANS SHOULD CONTINUE AS SABAN...... Shocked

fortuneteller · 6 Re: Family owned Abans Group for sale? Sat May 05, 2018 10:49 am

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Thank you Samaritan , Wimal Modawansa and sureshot for suggesting new names for Abans.

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 ?

Then the company should be named "Snaba" (same way "Singer" and "Regnis") , changing the letters "First to last" to "Last to first".

Wimal Modawansa · 7 Re: Family owned Abans Group for sale? Mon May 07, 2018 11:40 am

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Major Change in Share holding structure - Between March 2016 and June 2016 Mrs Aban Pestonee has sold/transferred 15% of the shares to Mr P N Pestonjee.Mrs Petonjee reduced share holding from 35% to 20%.Mr Pestonjee increased from 5% to 20%.(source-Stock Exchange records)

Now the total shares has been transferred to a non operating company P N P Logistics (pvt) Limited where only Mr Pestonjee , Mrs Pestonjee,
Mr R.Pestonjee and Mrs S Dubash are shareholders.(Stock Exchange Filing)

Mr Behman Pestonjee (Managing Director) is not a ShareHolder.(Secretaries ?)

Sstar · 8 Re: Family owned Abans Group for sale? Mon May 07, 2018 12:33 pm

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These are the shareholdings of Abans PLC. I cannot see change in ownership.

Family owned Abans Group for sale? Screen24

Wimal Modawansa · 9 Re: Family owned Abans Group for sale? Mon May 07, 2018 6:38 pm

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Hope you could see Now!

Family owned Abans Group for sale? Ab110

Family owned Abans Group for sale? Ab210

Sstar · 10 Re: Family owned Abans Group for sale? Mon May 07, 2018 6:51 pm

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Who are the majority shareholders of PNP Logistic? Has that changed to a third party unconnected with Prestongies?

If PNP Logistic is a 100% owned by Abans International (pvt) Ltd then who are the majority shareholders of Abans International Pvt Ltd?

Family owned Abans Group for sale? Screen25

Family owned Abans Group for sale? Screen25

https://cdn.cse.lk/cmt/upload_report_file/1302_1518690624417.pdf

We have the information about Abans is because of the Debenture being listed on CSE. During Last 9 months and Last quarter Abans Group have made losses. They have raised nearly 2 bn from the debentures. but the company got only Rs 600 mn in Cash. So I would say they are in trouble... but group but net assets are worth Rs 9 billion.

Who are the majority shareholders of Abans International. Have the control of this has been sold?

Family owned Abans Group for sale? Screen26

Family owned Abans Group for sale? Screen26

Family owned Abans Group for sale? Screen27

Wimal Modawansa · 11 Re: Family owned Abans Group for sale? Wed May 09, 2018 9:39 am

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Since Abans PLC is a quoted company and these information is not available to public ,
Regulators should have asked these questions?

Who are the majority shareholders of PNP Logistic? Has that changed to a third party unconnected with Prestongies?

If PNP Logistic is a 100% owned by Abans International (pvt) Ltd then who are the majority shareholders of Abans International Pvt Ltd?

fortuneteller · 12 Re: Family owned Abans Group for sale? Wed May 09, 2018 7:01 pm

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@Wimal Modawansa wrote:Thanks for the update.

Will the Independent Director and Ex-MD/CEO of Tee Jay Mr Sriyan De silva Wijeratne (prrsently unemployed)removed on scientific basis?

What will happen to the Audit Committee Chairman Mr Hiran Embuldeniya (Unemployed)who is reported as Director with conflict of interest ?
                                                                 What are the other changes?

Board of Directors: Why they are selected and how they survive?

Shareholders (minority ones in particular) entrusts the Board of Directors to protect and grow their investments.

In reality, Board Members are selected and ‘survive’ due to one or more of the following reasons:

• Compliance – because you have to
• Governance – because you truly believe in it
• Technical – because you value the expertise they bring in
• Political – because you are forced to!
• Fix-it – because you never know when the skeletons will come off the closet!
• Ornamental – because they look good on your corporate profile!

Now compare Corporate Governance to the conduct of independent Directors with conflict of interest.

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Family owned Abans Group for sale?

1 Family owned Abans Group for sale? Mon Apr 30, 2018 1:46 pm

fortuneteller

2 Re: Family owned Abans Group for sale? Fri May 04, 2018 8:21 am

samaritan

3 Re: Family owned Abans Group for sale? Fri May 04, 2018 12:45 pm

Wimal Modawansa

4 Re: Family owned Abans Group for sale? Fri May 04, 2018 6:22 pm

samaritan

5 Re: Family owned Abans Group for sale? Fri May 04, 2018 8:31 pm

sureshot

6 Re: Family owned Abans Group for sale? Sat May 05, 2018 10:49 am

fortuneteller

7 Re: Family owned Abans Group for sale? Mon May 07, 2018 11:40 am

Wimal Modawansa

8 Re: Family owned Abans Group for sale? Mon May 07, 2018 12:33 pm

Sstar

9 Re: Family owned Abans Group for sale? Mon May 07, 2018 6:38 pm

Wimal Modawansa

10 Re: Family owned Abans Group for sale? Mon May 07, 2018 6:51 pm

Sstar

11 Re: Family owned Abans Group for sale? Wed May 09, 2018 9:39 am

Wimal Modawansa

12 Re: Family owned Abans Group for sale? Wed May 09, 2018 7:01 pm

fortuneteller

13 Re: Family owned Abans Group for sale?

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