GREG.. Can we hear some good news from GREG

It is said up with rumour down with news.

rijayasooriya wrote:It is said up with rumour down with news.

Meka nam ena news ekak nemei.

swan03 wrote:

rijayasooriya wrote:It is said up with rumour down with news.

Meka nam ena news ekak nemei.

Rumour is there but price is not increasing(actually decreasing).So they are probably waiting for price to go up to make the announcement so that price can go down.

rijayasooriya wrote:

swan03 wrote:

rijayasooriya wrote:It is said up with rumour down with news.

Meka nam ena news ekak nemei.

Rumour is there but price is not increasing(actually decreasing).So they are probably waiting for price to go up to make the announcement so that price can go down.

But, this time GREG will start its run depend on its announcement, the information relating to GREG group are very positive,

Expecting SEC clearance.

Sale of foreign investment, 2Bn fund inflow

Expecting new acquisition through the CLPL and GREG, since Wednesday was last day of warrant conversion, GREG would have subscribed entire warrants ( 1.3Bn)

So this time GREG will start its run once the news received to the mkt...

seyon wrote:So this time GREG will start its run once the news received to the mkt...

Then they may be waiting for someone to collect.

This time Dilith may be on action with GREG, still CT telling the client to hold.

I received the mail from CT, Now Dilith and CT are on same board now, will see , will there any synergy effect on GREG

From: Capital TRUST Research
To: Undisclosed-Recipient@yahoo.com
Sent: Wednesday, August 24, 2011 3:28 PM
Subject: Asia Commerce Ltd re branded as Divasa Finance Ltd _Amended

We are pleased to inform you that Asia Commerce Ltd has been re-branded as Divasa Finance Ltd with effect from 15th August 2011.

We have at the same time moved to a spacious new city office at no 15, Station Road, Colombo 3. The new office premises has ample parking space and is conveniently accessible from both the Galle Road as well as the Marine Drive. As you might be probably aware "Divasa" in vernacular means the "ability to foresee the future" .The rebranding reflects the new culture and values adopted by us to live up to what the name implies.

We are now a Finance company registered with the Monetary Board of the Central Bank of Sri Lanka under the Finance Companies Act No. 78 of 1988.

We are delighted to provide you margin trading facilities to improve your portfolio values and hope that the relationship would continue to be cordial and mutually beneficial.

Directors of the company are Nalaka Godahewa (Chairman), Dilith Jayaweera, Varuni Amunugama, Sarva Ameresekere, Lakshman Uduwara (CEO) while the Shareholders include Triad Advertising (Pvt) Ltd., Capital TRUST Holdings (Pvt) Ltd.

Tuesday, August 2, 2011

ERI appeals to SEC

Environmental Resources Investment PLC has made an appeal to the Securities and Exchange Commission not to go ahead with the “Notice of Action” issued to the firm by the regulator.

The SEC in the early parts of this month issued a “Notice of Action” against ERI indicating that it will take legal action against the firm for not adhering to certain disclosure rules set by the regulator.

A source familiar with the issue said regulators will sit to discuss the “ERI appeal” in due course.

Meanwhile Harshanee Deshapriya, the Manager Legal and Corporate Affairs of ERI speaking to us about the “Notice of Action” said, the company has taken necessary steps to deal with it.

She added, “We have sent all the required documents and information to the SEC to make a decision”.
Deshapriya says, this issue has to be settled down soon for the best interest of the company and the well being of the shareholders.

Environmental Resources Investment PLC formerly known as Walker & Greig Limited was incorporated in Sri Lanka almost a century ago in the year 1910 and became a listed firm in the 1970’s.

Ceylon Leather products, Dankotuwa Porcelain, The Colombo Pharmacy, and South Asia Textiles Industries Lanka are some of the firms coming under the group.

source - www.news360.lk

Technical Analytical Outlook


MPI Stayed Flat But The ASI Declined As The Gloomy Mood Prevailed!!!
MPI remained flat but the ASI declined as the gloomy mood prevailed due to continued forced selling by brokers short of the illusive ‘net liquid assets’ that would enable them to provide margin facilities to their clients. Even some of the so called leading brokers were caught with their pants down so to say, as the month end approached and they found themselves to be short of ‘net liquid assets’ .

Several large parcel crossings took place yesterday in some stocks that were in focus in recent times boosting the day’s turnover to a decent level. HVA, DFCC, JKH, BUKI and COLO were the stocks involved in these crossings that brought some excitement to an otherwise dull market yesterday.

There was market talk of the GREG issue being finally resolved yesterday with the directors of the company and the company meeting the requirements of the compounding terms yesterday. An announcement to this effect could be expected on the SEC website soon.


Source- Capital Trust

Cant believe until it comes.

There was market talk of the GREG issue being finally resolved yesterday with the directors of the company and the company meeting the requirements of the compounding terms yesterday. An announcement to this effect could be expected on the SEC website soon.


Source- Capital Trust[/quote]

Thursday man

The last time upward momentum shows that , GREg may come out with good news

Friends, If u have info, pls share with us.

http://www.lbo.lk/fullstory.php?nid=1849236144

Gaja wrote:http://www.lbo.lk/fullstory.php?nid=1849236144

Now whats happening?

Goda yai ne gatta aya/

Aladin wrote:Goda yai ne gatta aya/

wHAT'S YOUR EXIT PRICE aLADIN..?

you are are saying this is good news? What did you do when your grandmother died? throw a massive party at Citrus Leisure?

It seems this can be included to the entity called 'Mercy Killing'.So this will be a good news.

seyon wrote:Hi Friends

Whether is good or bad, the long standing issues has been resolved on payment of 10Mn compound fee. Luckily the mgt sorted out with SEC without going for legal challenge, then this also will be other TWOD Case.

Now the headache is over, This news is relief to the company for attracting new investments into the company to execute its investment program and the future movement of this stock.

At present GREG has more than 2Bn fund to go for new investments, these investment would be carried out in short period.

Aha! From tomorrow onward GREG will be on action

ERI awaiting SEC’s response

Environmental Resources Investment PLC’s (ERI) Executive Director Kosala Heengama yesterday confirmed to Mirror Business that the company and its directors have received a communication from the Securities and Exchange Commission (SEC) with regard to a fine imposed on a disclosure related offence.

“Responding to that, we have sent a notice to the SEC clarifying our position on the matter stating that we have indeed disclosed the said facts to the commission. Currently we are awaiting a response from the SEC” Heengama said.

He also noted that that the disclosure related issue was regarding one of the company’s foreign investments.

http://print.dailymirror.lk/business/127-local/54871-eri-awaiting-secs-response.html

Why they delay the news?

swan03 wrote:Why they delay the news?

GREG has paid the fines imposed and the Compounding announcement will come on the SEC website in coming days.

seyon wrote:

swan03 wrote:Why they delay the news?

GREG has paid the fines imposed and the Compounding announcement will come on the SEC website in coming days.

Then, we can expect SEC announcement next week ?

SEC Must Do What It Takes To Safeguard Credibility And Build Investor Confidence
By Harsha de Silva Ph.D


The cancer of insider dealing, front-running and money laundering goes on at the CSE
We understand that the Securities and Exchange Commission (SEC) is planning to compound undisclosed securities fraud by some billionaire investors. Media reports have begun to circulate that Environmental Resources Investments (ERI) and its Directors have agreed with the SEC to pay an insignificant fine of Rs. 10 million and compound an offence related to securities trading. While the nature of the fraud has not been made public, it was well known that the SEC was investigating ERI for trading and disclosure related matters.

While the SEC is yet to make an announcement on this matter and acknowledging that this statement is based on media reports, we nevertheless, believe it is the SEC’s duty, as the regulator, to take swift action against fraudulent activities under the SEC Act. The Act calls for prosecution. If ERI has not committed any fraud they will be found ‘not guilty’ but if convicted, the perpetrators shall be imprisoned and fined accordingly.
The reason for tough action is to discourage white-collar crime. Why US prosecutors are seeking a near 25-year sentence for Raj Rajaratnam is to drive home this point. However, the cancer of insider dealing, front-running and money laundering that is going on at the Colombo Stock Exchange (CSE) is well known but nothing is being done about it. For instance, while the conflicts of interests with the Central Bank using Employees Provident Fund (EPF) to trade in shares of commercial banks have been pointed out on numerous occasions and shown to violate its own code of conduct for investments in the CSE, the Central Bank continues to buy and sell shares of almost all commercial banks.
When the SEC keeps silent it sends the wrong message on white-collar crime at the CSE and destroys confidence among bona fide investors. The status quo does not augur well for the CSE or the economy in the long run. This is particularly so when Sri Lanka is looking for large scale private investments to sustain the post-war development effort.
With respect to ERI, it is known that ERI was under the watch of the investing public and analysts for quite some time for its transactions with hardly any solid information to substantiate its various claims. The unprecedented and sudden rise of its share price from Rs. 28 to Rs. 275 based inter alia on news of purchasing a company purportedly with access to platinum assets and the subsequent outflow of some USD 18 million to the British Virgin Islands as part payment had been under constant query by market watchers. It has now been revealed that the shares of the said company; Environment Resources Limited (ERL), ironically sounding almost similar to ERI, has been sold to a company who’s ultimate owner is the same entity that ERI originally purchased the shares from. In this background, allegations of money laundering and market manipulation continue to be rife.
Paradoxically, ERI, boasting of mega profits from global and local investments have just filed a consolidated loss of Rs. 23 million for the quarter ending June 30, 2011 as opposed to Rs. 418 million profits for the year ending March 31, 2011.
Market watchers have also levelled allegations of overseas criminal convictions on at least one of the Directors of ERI bringing into question the record of the so-called whiz-kids behind this company. Allegations of non-disclosure of related party transactions have been made on at least two Directors with regard to a company by the name of Knight Trade that happens to be the second largest shareholder of ERI which is owned by a company named Yenom which coincidentally is owned by the said two Directors of ERI. Questions have been raised if this company has the authority to use the official ‘Lion’ logo of Sri Lanka. It is further alleged that ERI uses the identical logo for a stock broking company in Sri Lanka named ‘DNH Financial Private Limited’ and for a company named ‘DNQ Financial Private Limited’ based in Dubai to confuse investors and undertake deceptive transactions.
In an almost unbelievable development, as per the official bid book, ERI had agreed to build the 2018 Hambantota Commonwealth Games Village along with Sri Lanka Insurance Corporation and become the largest private sector investor of the Games while the SEC was investigating the company for alleged securities fraud and or disclosure offences. This almost seems like buying oneself out of trouble and most certainly a conflict of interest. Given there is no information forthcoming from authorities it is anyone’s guess as to the validity of these allegations. Therefore, as a responsible opposition safeguarding the interests of the public and the nation it is our duty to call for action to either prosecute or clear the persons involved. Having seen the fallout of scandals like Golden Key where innocent middle class families lost all their savings it is a matter of serious concern that repetitions are avoided.
The irony, however, is that it seems every time high profile persons get caught for fraudulent activity the SEC seem to cut deals with them to leave them out of jail in return for insignificant fines by compounding their cases. The last publicised case of compounding was that of two Directors of Nawaloka Group who paid petty fines of Rs 3.3 million each for conspiring to manipulate the share price of Nawaloka Hospitals. In this background the SEC cannot any longer afford to turn a blind eye to the allegations at the CSE. It is certainly detrimental to the country’s development drive. The SEC must act swiftly and with the full force of the law to punish fraudsters to make the CSE a place for bona fide investors; both local and foreign. The fact that the All Share Price Index (ASPI) is up only by a marginal 3.6 percent for the entire year is sufficient proof to show that the CSE is not performing at the level it was expected to, and more needs to be done to build investor confidence.
It is noteworthy to point out that in 2005 the ADB wrote in its Sri Lanka: Financial Sector Assessment Report that “compounding of charges is only compounding the problem of insider dealing. The SEC should cease the practice of compounding charges.”
It is high time the powerful Board of the SEC heeded this advice before the CSE loses its already shaky credibility as a place that honest people can do business in.

wiki wrote:does any one know whether they have paid the fine already or are they planning to pay it..
If they have paid it why there is a delay in the so called announcement...

As per the broker source GREG has paid the fines imposed and the Compounding announcement will come on the SEC website in coming days.

Technical Analytical and Economic/Political Outlook

Popular Stocks Go Berserk Taking The Market Out Of The Rut!!!

Popular stocks BLUE, HVA, BLUE.X, ECL, etc. helped the market to extricate itself from the consolidation rut despite generous imposition of Price Bands which has now been reduced to just an annoyance. Price bands or not ECL, BLUE and BLUE.X are most likely to continue their gravity defying rise right up to the EGM at BLUE on 15th September and probably for a few weeks more thereafter. Popular stock bashing shall continue throughout this week with more and more stocks getting promoted to the ‘popular stock’ rank. Small finance companies with a limited public float are the most likely candidates.

Continuous and desperate mudslinging by opposition wags and their supporting media on GREG and GREG group shares continued as the announcement on the compounding of the GREG case is probably getting delayed till tomorrow’s SEC meeting. From Thursday GREG group is likely to pick up sharply bringing prosperity and immense happiness to the market that withstood a long painful consolidation phase during the past 12 months. REEF and CLND with a plenty of good news up their sleeves are likely to accompany GREG & the satellites in their triumphant victory rally.


Source - Capital Trust

Still NO news?

The long standing issue related to compounding offense is over now by just paying 10Mn Fine

Sri Lanka listed ERI fined for misleading information
Sept 08, 2011 (LBO) – Sri Lanka’s Securities and Exchange Commission has fined Environmental Resources Investments and three directors for giving misleading information and not revealing material information about the firm in time.
SEC said it started a probe on stock exchange filings made by ERI and found that the firm and its directors had broken securities rules through “non-disclosures and dissemination of misleading information”.

The firm claimed to own stock in platinum mines and was engaged in several transactions with related parties.

The non-disclosure and misleading information concerned related party transactions and cross border investments. The information was eventually disclosed one year later, the SEC said.

The SEC ‘compounded’ the offence where the firm and directors made a payment without going to court as permitted by Sri Lanka’s securities laws. The SEC said if the firm was taken to court it would have resulted in a fine of 10 million rupees.

ERI has been asked to pay 3.3 million rupees, executive directors Kosala Heengama and Gregory Scott Newsome 3.3 million rupees each and chairman Lalith Heengama 500,000 rupees.

Independent directors G S Munasinghe and H B Dissanayake have been warned.

http://www.lbo.lk/fullstory.php?nid=213449170

Is this the news we have been waiting for weeks seyon?