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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Schaffters buy Orient Finance

Schaffters buy Orient Finance

5 posters

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1Schaffters buy Orient Finance Empty Schaffters buy Orient Finance Sun Feb 20, 2011 10:25 am

SunilNayaka


Equity Analytic
Equity Analytic

The owners of Janashakthi Group, the Schaffter family, have recently concluded a deal to buy out Orient Financial Services Corporation Private Ltd (OFSC), a fully-owned subsidiary of United Motors Lanka Plc (UML) with a view to venturing into leasing business, according to reliable market sources. This is despite rumours that Janashakthi Insurance Company Plc had actually bought the stake in the finance firm.
When contacted, Deputy Chairman of Janashakthi Insurance Plc, Chandra Schaffter acknowledged that Schaffter family has held discussions with UML officials with a view to buying the full stake.
“But it was not under Janashakthi Insurance but Ramesh was the one who was having the discussions,” said Chandra Schaffter adding that his son Ramesh Schaffter was planning to buy out OFSC under another investment arm of the family. However, our efforts to reach Ramesh Schaffter were not fruitful since he was out of the country at the time of this paper going to press.
Meanwhile, UML Chairman Ranjit Fernando also confirmed that OFSC has been sold but denied disclosing figures relating to the consideration of the sale.
According to market sources, UML is believed to have divested its stake to an amount between Rs.200 million to Rs.300 million.

By Jithendra Antonio
http://www.thebottomline.lk/2011/02/20/page6.html



Last edited by Quibit on Sun Feb 20, 2011 10:59 am; edited 3 times in total (Reason for editing : format condensed)

2Schaffters buy Orient Finance Empty Re: Schaffters buy Orient Finance Sun Feb 20, 2011 10:31 am

Rajitha

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

Thumbs up for the news! So what do you guys think ? will JINS come DOWN or maybe go up for a day or two because of this ?

3Schaffters buy Orient Finance Empty Re: Schaffters buy Orient Finance Sun Feb 20, 2011 12:40 pm

marketanalyst


Equity Analytic
Equity Analytic

Rajitha wrote:Thumbs up for the news! So what do you guys think ? will JINS come DOWN or maybe go up for a day or two because of this ?

What about UML price??? increase in Net Assets, ryt?

4Schaffters buy Orient Finance Empty Re: Schaffters buy Orient Finance Mon Feb 21, 2011 6:09 pm

Monster

Monster
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

http://www.cse.lk/cmt/upload_cse_announcements/4391298290598_.pdf

Can there be a capital gain for UML?

5Schaffters buy Orient Finance Empty Re: Schaffters buy Orient Finance Mon Feb 21, 2011 6:43 pm

TelesHope

TelesHope
Senior Equity Analytic
Senior Equity Analytic

Monster wrote:http://www.cse.lk/cmt/upload_cse_announcements/4391298290598_.pdf

Can there be a capital gain for UML?

Here is the announcement:

21st February 2011

UNITED MOTORS LANKA PLC - DISCLOSSURE

ln terms of the Listing Rules of The Colombo Stock Exchange, we wish to make the following announcement with regard to Orient Financial Services Corporation Limited, a subsidiary of United Motors Lanka PLC' :

On 21st February 2011, UML PLC entered into a sale and purchase agreement with people's Venture Investment Company (Private) Limited a member of the Janashakthi Group of Companies to dispose of the entire share holding of United Motors Lanka PLC in Orient Financial Services Corporation Limited amounting to 23,999,995 shares for a total consideration of Rs. 230M.{Two Hundred & Thirty Million)

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