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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » EPF buys 5% of Richard Pieris

EPF buys 5% of Richard Pieris

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1EPF buys 5% of Richard Pieris  Empty EPF buys 5% of Richard Pieris Sat Feb 12, 2011 12:48 am

mission


Manager - Equity Analytics
Manager - Equity Analytics

Saturday, 12 February 2011 00:00

State owned pension fund, Employee Provident Fund (EPF), which started investing in the country's stock market aggressively following the end of the war, has acquired 4.8 percent of plantation rich Richard Pieris Group (RICH), according to the interim reports filed to the Stock Exchange for the nine months ended December 31, 2010

During the nine months under consideration EPF has purchased 93 million shares that represent 4.8 of the issued and paid up capital of the company. Before this purchase EPF didn't own shares in RICH.

Boosted by improved plantation and retail performances, RICH's nett profit rose 60 percent to Rs.641 million for the December quarter compared with the same period of the previous year. The Earnings per Share for the period was Rs.0.3.

When considered Quarter on Quarter, RICH's net profit was up by 48 percent to Rs.434 million.

Cumulative nett profit for the nine months ended December 31 also rose to Rs.1.35 billion from the same period last year, recording an Earnings Per Share of Rs.0.7.

Plantations has earned the company Rs.6.5 billion during the nine months against the Rs.5 billion during the same period last year while retail operations reported a gross turnover of Rs.8 billion, up from Rs.1 billion.

RICH recently launched its stockbroking subsidiary and announced its plans to re-enter the financial sector services again.

The company is also looking to venture into the leisure sector building up several hotels, including one city hotel. RICH is currently in a process of upgrading several bungalows in their plantations to transform them into boutique hotels.

http://print.dailymirror.lk/business/127-local/35472.html

2EPF buys 5% of Richard Pieris  Empty Re: EPF buys 5% of Richard Pieris Sat Feb 12, 2011 8:06 am

tubal


Vice President - Equity Analytics
Vice President - Equity Analytics

I hope no one buys RICH based on this story. This is old hat. They bought these shares last year. That probably explains the dramatic price rise that was witnessed at the time. Rich was stuck at 10 for a month or so and then suddenly jumped to 14 with in a week before settling back to 12.50

There is no indication that EPF wants to up their stake any further. So there was absolutely no need for the newspapers to have published this story. It isn't news. The first three letters of the word news is NEW



Last edited by tubal on Sat Feb 12, 2011 1:11 pm; edited 1 time in total (Reason for editing : fixed typing error (had instead of hat))

3EPF buys 5% of Richard Pieris  Empty Rich Sat Feb 12, 2011 12:01 pm

gamaya


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Old news but, Boutique Hotels in Rubber Plantations....I think that's a splendid idea.

4EPF buys 5% of Richard Pieris  Empty Re: EPF buys 5% of Richard Pieris Sat Feb 12, 2011 12:44 pm

Rocky

Rocky
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Poor EPF contributors. They are getting played out NEWS (North East West and South)

Why did't EPF Board sell the RICH shares @ 15.4+?
I suggest that EPF recruits some good Financial Analysts to do their investments.
They always sell before the prices go up to already wealthy investors to the likes of Dick, Tom, Harry and Dharmadasa and the profits of employees are gifted to the real people involved in building the economy - MEGA Investors.

I have hell of a lot of money in EPF / ETF and if they release those monies to me now, I will get 50% p.a. vs the meager 13.75% returns paid annualy.

If any of the shares drop in price they can easily make representations to the proper people at the top and ensure that some tax concessions are granted for that paticular company /s. Say like reducing the tax on vehicles etc. (Other investors can add more examples if they like.....)

Evil or Very Mad Crying or Very sad

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