MD/CEO of Abans Finance PLC R A Nanayakkara, requested to quit (?) after continuous decline in profits.
Increase in bad loans and the resultant increase in impairment to Rs 223 Mn (18%) (source-CSE records) due to mis-management of COO Anura Fernando has been the reason for failure (?).
Hugh reconciled difference of Rs 130 Mn in the trial balance and dubious calculation of impairment calculation remains a concern.
On the other hand Siyapatha Finance PAT for 3 months to March 2018 , increased to Rs 147.3 MN (60% increase).(annualized Rs 588 Mn.)(source-CSE records)
The share which was traded @ Rs 69.90 has even traded @ Rs 19.10 much below the acquired price of Ironwood Capital.(source-CSE records)
Minority shareholders are advised to be cautious.