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

» PLAYERS PICK OF THE DAY
by sanjulanka Today at 7:10 am

» MARKET CRASH - GUARANTEED
by ruwan326 Yesterday at 9:05 pm

» Bathbala Balaya...
by DS Wijesinghe Yesterday at 7:26 pm

» Are you happy now? ඔබට සතුටුයිද දැන් ?
by DS Wijesinghe Yesterday at 6:54 pm

» Central Bank will intervene if rupee moves on speculation – official
by Miss-Sangeetha Yesterday at 4:09 pm

» MAHINDA RAJAPAKSHA 'S FUTURISTIC LEADERSHIP PAYS RICH DIVIDENDS
by DS Wijesinghe Yesterday at 8:08 am

» CSE WEEKLY
by ruwan326 Sat Sep 22, 2018 7:02 pm

» රජයට කෘත්‍රිමව රුපියල පාලනය කළ හැකිද?
by samaritan Sat Sep 22, 2018 2:50 pm

» DOLLAR MOVING UP UP
by samaritan Sat Sep 22, 2018 10:30 am

» Maharaja from Rajasthan
by ruwan326 Sat Sep 22, 2018 9:29 am

» Weekly Stock Market Roundup
by Insights Equity Fri Sep 21, 2018 10:40 pm

» MARKET CRASH - NOT GUARANTEED
by DS Wijesinghe Fri Sep 21, 2018 10:17 pm

» Summary of Key Announcements during the week 10 August 2018
by ruwan326 Fri Sep 21, 2018 7:32 pm

» Daily Foreign Transactions
by ruwan326 Fri Sep 21, 2018 7:30 pm

» Daily Stock Market Update
by Insights Equity Fri Sep 21, 2018 7:11 pm

» ඩොලරය රු. 170 යි
by samaritan Fri Sep 21, 2018 3:44 pm

» WHY SRI LANKAN CAN NOT DO THIS
by Chanuque Fri Sep 21, 2018 6:24 am

» Time has come to reverse 70 years history
by ruwan326 Thu Sep 20, 2018 7:22 pm

» Gold climbs as dollar weakens on U.S.-China trade dispute
by Miss-Sangeetha Thu Sep 20, 2018 3:39 pm

» BLI Shares
by EGG Thu Sep 20, 2018 2:03 pm

» Banking shares Value picks for long term
by jayathu Thu Sep 20, 2018 1:32 pm

» UAL - Going down now?
by ruwan326 Wed Sep 19, 2018 9:47 pm

» Quality Management Systems
by lenny123 Wed Sep 19, 2018 10:54 am

» ASI MAY GO DOWN TO 5950
by Ahcha Wed Sep 19, 2018 9:43 am

» Clarification on the Erroneous Report regarding Sri Lanka issued by Nomura Holdings Inc.
by ruwan326 Wed Sep 19, 2018 8:59 am

» Invest on valuable metal
by Supunnawarathna Tue Sep 18, 2018 7:54 pm

» Market going down today?
by ruwan326 Tue Sep 18, 2018 12:00 pm

» SFL COLLECTION GOING ON....??????????
by sanjulanka Tue Sep 18, 2018 9:11 am

» ANILANA MANDATORY OFFER
by ruwan326 Mon Sep 17, 2018 7:52 pm

» Treasury to take over key role of Central Bank
by ruwan326 Mon Sep 17, 2018 6:45 am

You are not connected. Please login or register

Sri Lanka Equity Forum » Stock Market Talk » Family owned Abans Group for sale?

Family owned Abans Group for sale?

Go down  Message [Page 1 of 1]

1 Family owned Abans Group for sale? on Mon Apr 30, 2018 1:46 pm

fortuneteller

avatar
Senior Equity Analytic
Senior Equity Analytic
Shareholders of Abans PLC have transferred their share holding to P N P Logistics (pvt) Ltd , a fully owned subsidiary of Abans International (pvt) Ltd.

Troubled Abans group which  is already suffering from  steep decline in profitability and high debt is for sale?

2 Re: Family owned Abans Group for sale? on Fri May 04, 2018 8:21 am

samaritan


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@fortuneteller wrote:Shareholders of Abans PLC have transferred their share holding to P N P Logistics (pvt) Ltd , a fully owned subsidiary of Abans International (pvt) Ltd.

Troubled Abans group which  is already suffering from  steep decline in profitability and high debt is for sale?
Don't worry they are planning to reshuffle the top management scientifically to resolve the crisis.

3 Re: Family owned Abans Group for sale? on Fri May 04, 2018 12:45 pm

Wimal Modawansa

avatar
Manager - Equity Analytics
Manager - Equity Analytics
Thanks for the update.

Will the Independent Director and Ex-MD/CEO of Tee Jay Mr Sriyan De silva Wijeratne (prrsently unemployed)removed on scientific basis?    
   
What will happen to the Audit Committee Chairman Mr Hiran Embuldeniya (Unemployed)who is reported as Director with conflict of interest ?       
                                                                 What are the other changes?

4 Re: Family owned Abans Group for sale? on Fri May 04, 2018 6:22 pm

samaritan


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Wimal Modawansa wrote:Thanks for the update.

Will the Independent Director and Ex-MD/CEO of Tee Jay Mr Sriyan De silva Wijeratne (prrsently unemployed)removed on scientific basis?    
   
What will happen to the Audit Committee Chairman Mr Hiran Embuldeniya (Unemployed)who is reported as Director with conflict of interest ?       
                                                                 What are the other changes?
Similar to the recently concluded cabinet reshuffle which is said to have taken place scientifically, the employed may become unemployed & unemployed may become employed and Abans may continue as 'Rabans'.

5 Re: Family owned Abans Group for sale? on Fri May 04, 2018 8:31 pm

sureshot

avatar
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
ABANS SHOULD CONTINUE AS  SABAN...... Shocked

6 Re: Family owned Abans Group for sale? on Sat May 05, 2018 10:49 am

fortuneteller

avatar
Senior Equity Analytic
Senior Equity Analytic
Thank you Samaritan , Wimal Modawansa and sureshot for suggesting new names for Abans.


Is this the same Abans group which was closely associated with the earlier regime?


They obtained a land from BOI to construct low cost houses at concessionary rate and later constructed a motor assembly plant ?


Obtained Colombo Commercial Company property to construct a mall and an apartment by passing the tender procedures without proper cabinet approval ?


Then the company should be named "Snaba" (same way "Singer" and "Regnis") , changing the letters "First to last" to "Last to first".

7 Re: Family owned Abans Group for sale? on Mon May 07, 2018 11:40 am

Wimal Modawansa

avatar
Manager - Equity Analytics
Manager - Equity Analytics
Major Change in Share holding structure - Between March 2016 and June 2016 Mrs Aban Pestonee has sold/transferred 15% of the shares to Mr P N  Pestonjee.Mrs Petonjee reduced share holding from 35% to  20%.Mr Pestonjee increased from 5% to 20%.(source-Stock Exchange records)


Now the total shares has been transferred to a non operating company P N P Logistics (pvt) Limited where only Mr Pestonjee , Mrs Pestonjee,
Mr R.Pestonjee and Mrs S Dubash are shareholders.(Stock Exchange Filing)


Mr Behman Pestonjee (Managing Director)  is not a ShareHolder.(Secretaries ?)

8 Re: Family owned Abans Group for sale? on Mon May 07, 2018 12:33 pm

Sstar

avatar
Vice President - Equity Analytics
Vice President - Equity Analytics
These are the shareholdings of Abans PLC. I cannot see change in ownership.

9 Re: Family owned Abans Group for sale? on Mon May 07, 2018 6:38 pm

Wimal Modawansa

avatar
Manager - Equity Analytics
Manager - Equity Analytics
Hope you could see Now!


10 Re: Family owned Abans Group for sale? on Mon May 07, 2018 6:51 pm

Sstar

avatar
Vice President - Equity Analytics
Vice President - Equity Analytics
Who are the majority shareholders of PNP Logistic? Has that changed to a third party unconnected with Prestongies?

If PNP Logistic is a 100% owned by Abans International (pvt) Ltd then who are the majority shareholders of Abans International Pvt Ltd?




https://cdn.cse.lk/cmt/upload_report_file/1302_1518690624417.pdf

We have the information about Abans is because of the Debenture being listed on CSE. During Last 9 months and Last quarter Abans Group have made losses. They have raised nearly 2 bn from the debentures. but the company got only Rs 600 mn in Cash. So I would say they are in trouble... but group but net assets are worth Rs 9 billion.

Who are the majority shareholders of Abans International. Have the control of this has been sold?




11 Re: Family owned Abans Group for sale? on Wed May 09, 2018 9:39 am

Wimal Modawansa

avatar
Manager - Equity Analytics
Manager - Equity Analytics
Since Abans PLC is a quoted company and these information is not available to public ,
Regulators should have asked these questions?

Who are the majority shareholders of PNP Logistic? Has that changed to a third party unconnected with Prestongies?

If PNP Logistic is a 100% owned by Abans International (pvt) Ltd then who are the majority shareholders of Abans International Pvt Ltd?

12 Re: Family owned Abans Group for sale? on Wed May 09, 2018 7:01 pm

fortuneteller

avatar
Senior Equity Analytic
Senior Equity Analytic
@Wimal Modawansa wrote:Thanks for the update.

Will the Independent Director and Ex-MD/CEO of Tee Jay Mr Sriyan De silva Wijeratne (prrsently unemployed)removed on scientific basis?    
   
What will happen to the Audit Committee Chairman Mr Hiran Embuldeniya (Unemployed)who is reported as Director with conflict of interest ?       
                                                                 What are the other changes?
Board of Directors: Why they are selected and how they survive?


Shareholders (minority ones in particular) entrusts the Board of Directors to protect and grow their investments.

In reality, Board Members are selected and ‘survive’ due to one or more of the following reasons:

Compliance – because you have to
Governance – because you truly believe in it
Technical – because you value the expertise they bring in
Political – because you are forced to!
Fix-it – because you never know when the skeletons will come off the closet!
Ornamental – because they look good on your corporate profile!



Now compare Corporate Governance to the conduct of independent Directors with conflict of interest.

Back to top  Message [Page 1 of 1]

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