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Sri Lanka Equity Forum » Stock Market Talk » DON'T BUY ABANS FINANCE SHARES

DON'T BUY ABANS FINANCE SHARES

Go down  Message [Page 1 of 1]

1 DON'T BUY ABANS FINANCE SHARES on Wed Sep 06, 2017 6:57 pm

Wimal Modawansa

avatar
Manager - Equity Analytics
Manager - Equity Analytics
-I am a longtime investor in the stock market and was holding on to 10,000 shares in Abans Finance and the marker value of same was Rs 699,000.00 by end September 2016.

-When a proposal was made to issue 20% to a Company owned by a Director of Abans PLC @ Rs 25.00 with no experience in the Financial Services Sector (1.4 times book value), I objected and wanted the shares to the existing Share holders first and then to the Director. A number of share holders walked out of the EGM in protest of this manipulation.



-Since then the performance of the Company has declined and the share is now trading at Rs 25.00 and the value of my investment is Rs 250,000.00 a loss of Rs 469, 000.00.(67 %).



-Abans Finance also had a rights  issue subsequently and the Abans sold their rights to the same Director.




-Abans PLC , the parent Company which is now in financial difficulties also has lost Rs 1.3 Bn on this investment is now trying  to sell shares  @ Rs 25.00 to meet the manipulated public float requirements.

-Able Investment (Private) Limited, A B Cold Storage ( Private) Limited, Cleantech ( Pvt ) Ltd and Cleantech ( Pvt ) Ltd are connected parties to Abans PLC and Mr.K.Kunenthiran, Mrs.C.V.Sumanadasa and Mrs.S.C.Henagama Gamage are proxy employees holding shares. Mr.P.N.Pestonjee, Mr.B.Pestonjee, Mr.R.Pestonjeen ,Mrs S.Dubash and Mrs.A.Pestonjee are Directors of Abans PLC.As such the shares owned by them should not be counted under “Public Float”. They have fraudulently manipulated the public float ration to cheat CSE and SEC.



Last edited by Wimal Modawansa on Wed Sep 06, 2017 7:08 pm; edited 1 time in total (Reason for editing : update)

2 Re: DON'T BUY ABANS FINANCE SHARES on Wed Sep 06, 2017 7:00 pm

ddrperera


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Wimal Modawansa wrote:I am a longtime investor in the stock market and was holding on to 10,000 shares in Abans Finance and the marker value of same was Rs 699,000.00 by end September 2016.

When a proposal was made to issue 20% to a Company owned by a Director of Abans PLC @ Rs 25.00 with no experience in the Financial Services Sector (1.4 times book value), I objected and wanted the shares to the existing Share holders first and then to the Director. A number of share holders walked out of the EGM in protest of this manipulation.



Since then the performance of the Company has declined and the share is now trading at Rs 25.00 and the value of my investment is Rs 250,000.00 a loss of Rs 469, 000.00.(67 %).



Abans Finance also had a rights  issue subsequently and the Abans sold their rights to the same Director.




 



Abans PLC , the parent Company which is now in financial difficulties also has lost Rs 1.3 Bn on this investment is now trying  to sell shares  @ Rs 25.00.


Don't Trust on parent company's  Finance except of leading Banking's Finance.... Smile Smile

3 Re: DON'T BUY ABANS FINANCE SHARES on Wed Sep 06, 2017 7:17 pm

Wimal Modawansa

avatar
Manager - Equity Analytics
Manager - Equity Analytics
-Abans PLC , the parent Company which is now in financial difficulties also has lost Rs 1.3 Bn on this investment is now trying  to sell shares  @ Rs 25.00 to meet the manipulated public float requirements.

-Able Investment (Private) Limited, A B Cold Storage ( Private) Limited and Cleantech ( Pvt ) Ltd are connected parties to Abans PLC and Mr.K.Kunenthiran, Mrs.C.V.Sumanadasa and Mrs.S.C.Henagama Gamage are proxy employees holding shares. Mr.P.N.Pestonjee, Mr.B.Pestonjee, Mr.R.Pestonjeen ,Mrs S.Dubash and Mrs.A.Pestonjee are Directors of Abans PLC.As such the shares owned by them should not be counted under “Public Float”. They have fraudulently manipulated the public float ratio to cheat CSE and SEC.

4 Re: DON'T BUY ABANS FINANCE SHARES on Wed Sep 06, 2017 7:37 pm

Wimal Modawansa

avatar
Manager - Equity Analytics
Manager - Equity Analytics
- 44 trades totaling 2441 shares  average of 55 shares per trade - Suspicious!

-Who is cheating whom?

Is it possible to get call  logs of Directors and check for insider information?

5 Changes at Abans Finance PLC on Fri Sep 08, 2017 11:15 am

Wimal Modawansa

avatar
Manager - Equity Analytics
Manager - Equity Analytics
Managing Director of Abans Finance Mr Wanigasekera submits his resignation.

Chief Operating Officer Mr Fernando requested to submit his resignation due to increasing bad loans.


Suspected Exchange control defaulter to be appointed as managing director?

Share price drops to Rs 25.10.

6 Re: DON'T BUY ABANS FINANCE SHARES on Fri Sep 08, 2017 12:31 pm

Chinwi

avatar
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@Wimal Modawansa wrote:  I am a longtime investor in the stock market and was holding on to 10,000 shares in Abans Finance and the marker value of same was Rs 699,000.00 by end September 2016.

Company has declined and the share is now trading at Rs 25.00 and the value of my investment is Rs 250,000.00.    
A  loss of Rs 469, 000.00.(67 %).


Then you changed your name to  'Wimal Modawansa'  ?

7 Re: DON'T BUY ABANS FINANCE SHARES on Fri Sep 08, 2017 12:53 pm

Wimal Modawansa

avatar
Manager - Equity Analytics
Manager - Equity Analytics
Managing Director of Abans Finance Mr Wanigasekera submits his resignation.

Chief Operating Officer Mr Fernando requested to submit his resignation due to increasing bad loans.


Suspected Exchange control defaulter to be appointed as managing director?

Share price drops to Rs 25.00.

8 Re: DON'T BUY ABANS FINANCE SHARES on Fri Sep 08, 2017 2:57 pm

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Many finance companies are struggling to survive except few. Good example is BFN among many...

9 Re: DON'T BUY ABANS FINANCE SHARES on Sat Sep 09, 2017 3:43 pm

Wimal Modawansa

avatar
Manager - Equity Analytics
Manager - Equity Analytics
In Sri Lanka there is no justice to minor shareholders. Justice make with money and justice in the hand of company owners. SEC is saving these thieves then go island wide to feed them. The main purpose of SEC is not to promote shares by seminars. They need to promote by making safeguard and make things visible to all the parties.

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