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
Submit Post
Submit Post

Latest topics

» MARKET CRASH - GUARANTEED
by samaritan Today at 5:35 pm

» SRI LANKA'S ECONOMY
by samaritan Today at 2:56 pm

» ONE TIME WORLD BEST STOCK MARKET -WHAT HAPPENED?
by dsam Today at 2:21 pm

» PREDICT And WIN..........
by Eugine Fernando Today at 2:12 pm

» TOUGH TIMES AHEAD........!!!!!!!!
by cruiserdude Today at 10:47 am

» HVA might give dividend
by anjelo Today at 9:03 am

» TECHNICAL ANALYSIS REPORT FOR JUNE
by glad Sat Jun 16, 2018 10:34 am

» Market up soon...
by ruwan326 Fri Jun 15, 2018 6:06 am

» Chicken imports to be banned
by TuTanKaman Thu Jun 14, 2018 7:48 am

» VLL - Vidullanka PLC Private Placement
by The Hunter Wed Jun 13, 2018 9:20 pm

» CALF doubled price genuine?
by ruwan326 Wed Jun 13, 2018 10:47 am

» LLUB - foreign exit
by ruwan326 Wed Jun 13, 2018 10:42 am

» Howmuch will the dollar be in one week
by anges Tue Jun 12, 2018 7:21 pm

» FUTURE GEMS.....
by lishanthan Mon Jun 11, 2018 8:30 pm

» GARMENT INDUSTRY to enjoy double digit growth in the following year
by reyaz Mon Jun 11, 2018 1:59 pm

» Sira price to increase
by reyaz Mon Jun 11, 2018 1:33 pm

You are not connected. Please login or register

Sri Lanka Equity Forum » Stock Market Talk » First payment on ETI sale this week

First payment on ETI sale this week

Go down  Message [Page 1 of 1]

1 First payment on ETI sale this week on Tue Mar 27, 2018 9:17 am

Eugine Fernando


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
The first payment on the sale of ETI Finance Ltd. is expected this week from the identified foreign fund. 

Under the oversight of the Central Bank, the restructuring and sale of ETI assets is underway, and EAP sources said that the initial installment of the $75 million deal is expected later this week. The inflow of foreign investments into the deal augurs well at a time when the country is seeking higher foreign participation in the economy, and the impending deal will benefit depositors of ETI as well as Swarnamahal Financial Services PLC. Very Happy Very Happy

2 Re: First payment on ETI sale this week on Mon Apr 02, 2018 11:04 am

Prabodha Yagoda


Stock Trader
Is there any update regarding this by now?

3 Re: First payment on ETI sale this week on Mon Apr 02, 2018 11:46 am

Eugine Fernando


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Prabodha Yagoda wrote:Is there any update regarding this by now?
Crisis-ridden, Edirisinghe Trust Investment Finance Ltd (ETIFL) a licensed non-bank finance institution, will be resurrected with a capital infusion of US$17 million by a Singapore-based investment fund, official sources revealed.The EAP Group has entered into a deal with Blue Summit Capital Management Pvt Ltd to sell some of its major subsidiaries to this Singaporean firm at a price of US $75 million in a bid to protect the deposits of over 35,000 depositors of ETIFL and Swarnamahal Financial Services PLC (SFS), a top official source closely connected to the deal told the Business Times.
The Singapore fund has already remitted US$17 million to deal with ETIFL’s liquidity issue and eroding capital, a senior Central Bank (CB) official confirmed.
According to a due diligence conducted by relevant parties, the gap indicated in ETI’s balance sheet was Rs. 17.5 billion at end-March 2017. This company has a 90 percent stake in SFS which has a negative book value of Rs. 1 billion.
EAP is expected to receive $43 million by the end of April and the balance $15 million by mid May this year to finalise the deal of exiting the ownership of their subsidiaries namely SFS, EAP Films and Theatres Pvt Ltd, EAP Broadcasting and Swarnamahal Jewellers, the official source said.
Only a 40 per cent stake in EAP Broadcasting, which owns the Swarnavahini TV station and several Sinhala and English radio channels, can be sold due to state restrictions imposed on foreigners to hold shares in media companies. The balance 60 per cent will be retained by the EAP Group. The CB restricted the withdrawal of maturing deposits and renewal of such deposits of ETIFL and SFS for six months with effect from January this year, and placed the companies under a 3-member expert panel comprising former CBAssistant Governor Sepala Ratnayake, former Bank of Ceylon (BoC) Senior Deputy General Manager P.A. Lionel and former BoC Assistant General Manager H.M. Thilakarathne.
From that day onwards, EAP Group has tried to find an investor to infuse fresh capital into two finance companies, the official said. Earlier EAP’s negotiations with a controversial Malaysian-based broker, who was once stopped at the Colombo airport with a large amount of undeclared foreign currency, and also linking a Singapore firm
Straits Grid Pte Ltd, didn’t work. It was after this that the EAP group was approached by another Singapore firm through another broker. The earlier negotiations also included a stake to be taken by UK based Lyca Group, owned by Sri Lankan-origin Allirajah Subaskaran, a high profile player in the mobile network space operating in 21 countries worldwide. The Lyca founder is a powerful financial backer of Britain’s Conservative Party.

4 Re: First payment on ETI sale this week on Mon Apr 02, 2018 1:00 pm

Prabodha Yagoda


Stock Trader
Thank you for the update.

5 Re: First payment on ETI sale this week on Mon Apr 02, 2018 7:37 pm

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
What is the future of SFS shares?

6 Re: First payment on ETI sale this week on Tue Apr 03, 2018 9:22 am

Eugine Fernando


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Definitely there will be a management change, every thing depends on the new management capabilities. I think the new owners will do in a better way to make the company to a profitable one.

Back to top  Message [Page 1 of 1]

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