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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » State funds to buy Sri Lanka Telecom stocks for minimum public float

State funds to buy Sri Lanka Telecom stocks for minimum public float

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TraderCSE


Manager - Equity Analytics
Manager - Equity Analytics

https://economynext.com/state-funds-to-buy-sri-lanka-telecom-stocks-for-minimum-public-float-23104/

[size=50]State funds to buy Sri Lanka Telecom stocks for minimum public float Sri-lanka-telecom-backbone-lg-700x394[/size]


ECONOMYNEXT – Sri Lanka’s cabinet has cleared the way for state-run funds and banks to buy Sri Lanka Telecom stock to meet a public float requirement, the state information office said.



Ministers of Telecom and Finance had submitted a joint proposal to allow state-management funds and state bank to buy stock in Sri Lanka Telecom.



It is proposed that the Employees Provident Fund, Employees Trust Fund Board, Sri Lanka Insurance, National Savings Bank, Bank of Ceylon to buy stock on Sri Lanka Telecom proposed to buy stock in SLT subject to the approval of their respective boards.



The Securities and Exchange Commission has set a minimum 10 percent public float.



According to the last stock exchange filing the minimum public float of Sri Lanka Telecom was 5.52 percent.



The Treasury had 49.5 percent of SLT stock and Global Telecommunications Holdings NV, a unit of Malaysia’s UT group had 48.9 percent of the stock. (Colombo/Sept04/2019)

TraderCSE


Manager - Equity Analytics
Manager - Equity Analytics

2019-09-03 දිනැති අමාත්‍ය මණ්ඩල තීරණය පිලිබඳ මාධ්‍ය ප්‍රකාශය (මීලග රැස්වීමේදී සම්මත කිරීමට යටත්ව)


කොළඹ කොටස් වෙළඳ පොළ විසින් පනවා ඇති පොදු කොටස් හුවමාරු වීමේ අවම සීමාව 10% නියමය ඉටුකිරීම සඳහා ශ්‍රී ලංකා ටෙලිකොම් ප්‍රාග්ධනයෙහි රජය සතු ව්‍යාපාර සහ දායකත්ව අරමුදල් මඟින් ආයෝජනය කර එමඟින් ශ්‍රී ලංකා ටෙලිකොම් සමාගමේ රජය සතු කොටස් හිමිකාරිත්වය ශක්තිමත් කිරීමේ යෝජනාව
- ශ්‍රී ලංකා ටෙලිකොම් පීඑල්සී සමාගම, රජය සතු වෙනත් ව්‍යාපාර සහ දායකත්ව ආයෝජන අරමුදල් ගණනාවක් මඟින් 52.92%ක කොටස් හිමිකාරිත්වය පාලනය කරන සහ 2.1%ක කොටස් හිමිකම මහජනතාව සතු මෙරට ප්‍රධානතම විදුලි සංදේශ සේවා සැපයුම්කරු වේ. ශ්‍රී ලංකා සුරැකුම්පත් හා විනිමය කොමිෂන් සභාව විසින් 2013 වර්ෂයේදී හඳුන්වා දී ඇති නව රෙගුලාසියක් අනුව ලැයිස්තුගත සමාගම්හි 'පොදු කොටස් නිදහසේ හුවමාරු වීම' අවම වශයෙන් 10% සීමාවේ පවත්වා ගැනීමේ අවශ්‍යතාව ශ්‍රී ලංකා ටෙලිකොම් විසින් සම්පූර්ණ කළ හැකි වනු පිණිස සේවක අර්ථසාධක අරමුදල, සීමාසහිත ශ්‍රී ලංකා රක්ෂණ සංස්ථාව, ජාතික ඉතිරිකිරීමේ බැංකුව, ලංකා බැංකුව, සේවා නියුක්තයන්ගේ භාර අරමුදල සහ මහජන බැංකුව යන රජය සතු ව්‍යාපාර සහ දායකත්ව අරමුදල්වලට සිය අධ්‍යක්ෂ මණ්ඩලයන්හි අනුමතීන්ට යටත් ව ශ්‍රී ලංකා ටෙලිකොම් කොටස් ප්‍රාග්ධනයෙහි ආයෝජනය කිරීමට උපදෙස් දීම පිණිස මුදල් අමාත්‍යතුමා සහ විදුලි සංදේශ, විදේශ රැකියා සහ ක්‍රීඩා අමාත්‍යතුමා ඒකාබද්ධව කළ යෝජනාව අමාත්‍ය මණ්ඩලය විසින් අනුමත කරන ලදී.


කලින් පිටුවට

TraderCSE


Manager - Equity Analytics
Manager - Equity Analytics

What will be the price SLTL private placement will be done is the most important decision to watch. 

As per the board resolution, “Price or the minimum price for which the shares are to be issued” should be done as follows;

“The price at which the shares which will be issued through the Private Placement has not yet been determined, and will be informed subsequent to a share valuation, feedback from potential investors and resolution by SLT Directors”


Therefore, SLTL should first do the share valuation as it is noticed that the Property revaluation was not done for last 08 years as per my knowledge. Since most of the properties belongs to SLTL are at the middle of the city, we can expect considerable gain in the NAV after revaluation.

Next point is the PP price which should not be below the NAV at any case as it will be a huge blow to the minority shareholders’ Rights.

 In this case not only to them but also to the Major Shareholder “Global Telecommunications Holdings NV” who bought SLTLshares at LKR 50.50 via mandatory offer eleven years back in 2008 i.e USD 0.4684 per share which means the cost of GTH is LKR 83.36 at present without considering the dividend received.

So, if everything goes right, we can expect a very good time not only for the SLTL but also to the whole market.

Appreciate all of your comments.

Eugine Fernando


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

TraderCSE wrote:What will be the price SLTL private placement will be done is the most important decision to watch. 

As per the board resolution, “Price or the minimum price for which the shares are to be issued” should be done as follows;

“The price at which the shares which will be issued through the Private Placement has not yet been determined, and will be informed subsequent to a share valuation, feedback from potential investors and resolution by SLT Directors”


Therefore, SLTL should first do the share valuation as it is noticed that the Property revaluation was not done for last 08 years as per my knowledge. Since most of the properties belongs to SLTL are at the middle of the city, we can expect considerable gain in the NAV after revaluation.

Next point is the PP price which should not be below the NAV at any case as it will be a huge blow to the minority shareholders’ Rights.

 In this case not only to them but also to the Major Shareholder “Global Telecommunications Holdings NV” who bought SLTLshares at LKR 50.50 via mandatory offer eleven years back in 2008 i.e USD 0.4684 per share which means the cost of GTH is LKR 83.36 at present without considering the dividend received.

So, if everything goes right, we can expect a very good time not only for the SLTL but also to the whole market.

Appreciate all of your comments.
VERY SOON SLT WILL TRADE OVER RS.50/=  GL

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