Sri Lanka Equity Forum
Dear Reader,

Registration with the Sri Lanka Equity Forum would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
Sri Lanka Equity Forum

Discussion Forum for Stock Market Investors in Sri Lanka

සිංහල පරිවර්තනය

Latest topics

» For Miss Sangeetha
by anges Yesterday at 5:03 pm

» Tea prices up and up.Plantation shares down and down!
by fortuneteller Yesterday at 1:16 pm

» coco.x share
by lakmal87 Fri Dec 15, 2017 10:45 pm

» නොමිළේම ඩොලර් (free $ 5 ) tokens
by cseguide Fri Dec 15, 2017 7:58 pm

» S&P upgrades DFCC Bank’s rating outlook from Negative to Stable
by TraderCSE Fri Dec 15, 2017 9:23 am

» CFVF will HIT. 40 BY Next. Thursday
by Yahapalanaya Thu Dec 14, 2017 10:50 pm

» Moody’s affirms ratings of three Sri Lankan banks; maintains negative outlook
by Miss-Sangeetha Thu Dec 14, 2017 8:39 pm

» best stocks to buy now
by Ryan Hudson Wed Dec 13, 2017 9:23 pm

» Current situation of the Adam group of companies
by anges Wed Dec 13, 2017 5:36 pm

» Avoid investing in Abans Group company shares
by fortuneteller Wed Dec 13, 2017 9:11 am

» People's Leasing Company
by prasa2004 Tue Dec 12, 2017 6:51 pm

» SDB - AN IMPRESSIVE PERFORMANCE
by prasa2004 Tue Dec 12, 2017 5:43 pm

» Beware of banking stocks
by prasa2004 Tue Dec 12, 2017 5:40 pm

» CEYLON COLD STORES PLC(CCS.N0000)
by Agape Tue Dec 12, 2017 2:49 pm

» Lanka Cement
by sureshot Tue Dec 12, 2017 11:09 am

» Roshan Egodage's Money Grabbing
by Investor1994 Mon Dec 11, 2017 7:10 pm

» CIFL ANY NEWS
by Gambino7 Mon Dec 11, 2017 12:13 pm

» CFT share එක මොනව හරි දෙයක් වෙනව වාගෙ.
by sameboy Sun Dec 10, 2017 6:43 pm

» BFN .. ORIENT FINANCE PLC
by Teller Fri Dec 08, 2017 10:52 pm

» Sri Lanka Exports up 12.9-pct in Sept
by Teller Fri Dec 08, 2017 10:38 am

» DECEMBER DISCOUNT
by Teller Fri Dec 08, 2017 10:30 am

» LLMP - New Strategic Marketing >>> Boooom
by Teller Fri Dec 08, 2017 10:27 am

» Why LLUB.N0000 going down ?
by Teller Fri Dec 08, 2017 10:20 am

» LDEV rights
by Teller Fri Dec 08, 2017 10:16 am

» SAMP Rights Issue
by niru Thu Dec 07, 2017 8:04 pm

HashFlare

You are not connected. Please login or register

Sri Lanka Equity Forum » Stock Market Talk » Avoid investing in Abans Group company shares

Avoid investing in Abans Group company shares

View previous topic View next topic Go down  Message [Page 1 of 1]

1 Avoid investing in Abans Group company shares on Thu Nov 16, 2017 7:09 am

Wimal Modawansa

avatar
Manager - Equity Analytics
Manager - Equity Analytics
ABANS GROUP SELLS FINANCE COMPANY TO LAUNDRY OPERATOR , LOSSES CONTROL  & CAPITAL INFUSION FAILS TO SAVE ABANS FINANCE -

Abans Finance PLC profit declines to  55Mn From 78 Mn , after being downgraded to associate status -

Worse ever performance by a Company with Equity base of Rs 1.1 Bn.

-Non performing assets increased from 534 Mn to 805 Mn.

-Interest margin declined from 13.5 % to 11.2 %.
-Return on average assets declined from 3.4 % to 2.0%. 
-Return on average Equity declined from 20.5 % to 8.0%.


CENTRAL BANK FINDS MAJOR MANIPULATIONS AND NON COMPLIANCE WITH DIRECTIVES TO REPORT FALSE PROFITS/


COO requested to quit after Non performing assets increased from 534 Mn to 805 Mn.

fortuneteller

avatar
Senior Equity Analytic
Senior Equity Analytic
The first quarter profit drop was even worse from Rs 35 Mn to Rs 9 Mn. The Company is reported to be run by Harward graduates but, the performance does not reflect this.

 The officer responsible for increase in non performing advances , COO has pleaded with the Directors to give him a chance to continue on sympathetic grounds.

Abans Finance was bought by an independent director of Abans group at deeply discounted price cheating the minority share holders.

Abans group incurred a loss of Rs 35 Mn during the last quarter.

Abans group six months profit dropped from Rs 337 Mn to Rs 52 Mn which is a drop of 84%.

BE CAUTIOUS1

Teller

avatar
Moderator
True..

4 Teller = TellerX on Fri Dec 08, 2017 10:45 am

Teller

avatar
Moderator
Due to techical issue
Teller= TellerX ...in near future

Wimal Modawansa

avatar
Manager - Equity Analytics
Manager - Equity Analytics
Debt - Ridden ........ face closure?
(Source - Sunday Times)

fortuneteller

avatar
Senior Equity Analytic
Senior Equity Analytic
@fortuneteller wrote:The first quarter profit drop was even worse from Rs 35 Mn to Rs 9 Mn. The Company is reported to be run by Harward graduates but, the performance does not reflect this.

 The officer responsible for increase in non performing advances , COO has pleaded with the Directors to give him a chance to continue on sympathetic grounds.

Abans Finance was bought by an independent director of Abans group at deeply discounted price cheating the minority share holders.

Abans group incurred a loss of Rs 35 Mn during the last quarter.

Abans group six months profit dropped from Rs 337 Mn to Rs 52 Mn which is a drop of 84%.

BE CAUTIOUS1

One cannot blame only the Pestonjees or the Independent Director  Silva Wijeratne for this bad performance. The  other Independent Director Eran himbuldenitya cheated the minority shareholders of Abans Finance Plc. Independent Directors with conflict of interest such as Eran Himbuldeniya will have to be declared as Non-Independent Director as per the governance requirements.

Wimal Modawansa

avatar
Manager - Equity Analytics
Manager - Equity Analytics
ABANS GROUP SELLS FINANCE COMPANY TO LAUNDRY OPERATOR , LOSSES CONTROL  & CAPITAL INFUSION FAILS TO SAVE ABANS FINANCE -

Abans Finance PLC profit declines to  55Mn From 78 Mn , after being downgraded to associate status -

Worse ever performance by a Company with Equity base of Rs 1.1 Bn.

-Non performing assets increased from 534 Mn to 805 Mn.

-Interest margin declined from 13.5 % to 11.2 %.
-Return on average assets declined from 3.4 % to 2.0%. 
-Return on average Equity declined from 20.5 % to 8.0%.


CENTRAL BANK FINDS MAJOR MANIPULATIONS AND NON COMPLIANCE WITH DIRECTIVES TO REPORT FALSE PROFITS.


CEO is only a puppet and does not get involved in any business promotion and always on the computer preparing his assignments for studies.

Two staff members of Ironwood Investments , one of the major share holder works as full time employees and runs the business and gives directions to staff.


COO who knows nothing other than recoveries has also messed up and the Non performing assets increased from 534 Mn to 805 Mn. COO is also not allowing the recovery staff to check the payments on new loans which are in arrears.

Both are planning to collect some fictitious cheques from customers and manipulate the profits for December 2017.

The Chief Internal Auditor is also assisting the management to manipulate the profits.

The Chief Financial Officer has quit his job and the head of risk also has submitted his resignation after the CBSL Audit.

Small number of shares are traded at high prices to manipulate  the market price.


Be cautious and  don't get carried away and looses your money.

fortuneteller

avatar
Senior Equity Analytic
Senior Equity Analytic
Abans Finance PLC  share which was trading at Rs 69.90 has dropped after decline in profits. Independent Director  Himubuldeniya's paper Company bought money from Cayman Island and bought at Rs 25.00 defrauding minority share holders

Trades are presently at Rs 22.00 levels but small quantities of 2 to 20  shares are trading at higher prices due to manipulation. Don't get cought to   - "Pumping and Dumping".

“Ironwood Investment” , Abans group and proxies are manipulating the share price of Abans Finance PLC by “Pump and dump" (P&D) which is a form of microcap stock fraud that involves artificially inflating the price of an owned share through false and misleading trades. They undertook to reduce their holding to satisfy minimum float requirements.

SEC and CSE should investigate the trades of small number of shares traded at artificially high prices to mislead investors.

View previous topic View next topic Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum