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Sri Lanka Equity Forum » Stock Market Talk » SPEN effect of withdrawing from FDI project

SPEN effect of withdrawing from FDI project

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1SPEN effect of withdrawing from FDI project Empty SPEN effect of withdrawing from FDI project on Wed Jan 11, 2012 6:57 pm

glad


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
What will be the effect of SPEN pulling out of FDI project which was to cost $500m?

sapumal


Vice President - Equity Analytics
Vice President - Equity Analytics
@glad wrote:What will be the effect of SPEN pulling out of FDI project which was to cost $500m?

Harry will hold more than 60% of the SPEN

soileconomy

soileconomy
Vice President - Equity Analytics
Vice President - Equity Analytics
Virtually SPEN will loose its money spent on this project.They will not challenge the decision.This will be like another hedging case.
I wonder whether famous 10% commission politician asked for 10% commission out of this project.
If it is completed by our own sri lankan firm Vasudewa will file another case ,but if it is a foreign company he will remain dumb.

insidertrader


Manager - Equity Analytics
Manager - Equity Analytics
SPEN shares already appreciated for future profits of this project since several years ago.
SPEN was only going to contribute 30% of the project. And they couldn't find extra costs for that 30%. If a famous local blue chip company can't fund that what about others?

aj


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Funny thing is SPEN shares went up yesterday when they're out of the biggest and the most important investment.

wiki


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
India is planning start building a port which has the capacity to handle more containers than Colombo fort. So competition will be higher (less profit). this may be a reason too..

LongTerm


Senior Equity Analytic
Senior Equity Analytic
Interesting to note the timing of this announcement, just as Harry J is looking to take control of the Company..

Is it a tactic to let others drop the shares at 110/-, I do not know...

SPEN had only one big project lined up and now they have pulled out of it.

Does this mean that a premier blue chip in the the country is not taking part in the economic boom we are supposedly expereincing?

sapumal


Vice President - Equity Analytics
Vice President - Equity Analytics
Other joke is harry have 30bn to buy SPEN, but no money for a PP/Loan to SPEN

WildBear


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@LongTerm wrote:Interesting to note the timing of this announcement, just as Harry J is looking to take control of the Company..

Is it a tactic to let others drop the shares at 110/-, I do not know...

SPEN had only one big project lined up and now they have pulled out of it.

Does this mean that a premier blue chip in the the country is not taking part in the economic boom we are supposedly expereincing?

The Port project was too big for SPEN(It's like Sri Lanka bidding for common wealth game), it will drain their capital like hell and have to wait for years to get a return. There might be many other lucrative investment opportunities for SPEN rather than stuck into this. Uncle Harry knows the game and the play ground very well.

aj


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
There's no relationship between port and hambantota games. This is a solid long term investment. Reason the old JKH is not dead is because they bought a piece of port by some means and running from the money coming from that. This could have been the main income of the company.

sapumal


Vice President - Equity Analytics
Vice President - Equity Analytics
@aj wrote:There's no relationship between port and hambantota games. This is a solid long term investment. Reason the old JKH is not dead is because they bought a piece of port by some means and running from the money coming from that. This could have been the main income of the company.

Download the JKH last annual report and see how strong it is. It has lot of solid subsidiaries. hotels, financial institutions, food and beverage, ... Noway comparable with SPEN.
But JKH share price is little bit over valued compare to the short term/medium term. But with the heavy portion of having Hotels it is not over valued in long term . That's why captain hold more than 20% now

aj


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@sapumal wrote:Download the JKH last annual report and see how strong it is. It has lot of solid subsidiaries. hotels, financial institutions, food and beverage, ... Noway comparable with SPEN.
But JKH share price is little bit over valued compare to the short term/medium term. But with the heavy portion of having Hotels it is not over valued in long term . That's why captain hold more than 20% now

If I remember correct about 1/3 of the JKH profits come from the harbour business. Must be the largest contribution. (Other major contribution is hotels)
Food and retail 'profit' contribution is very very low. Although retail business gives a high revenue, the true profit is very little when you cut the expenses.
If I remember correct, captains have been selling off the portion for a while now.

soileconomy

soileconomy
Vice President - Equity Analytics
Vice President - Equity Analytics
@WildBear wrote:

The Port project was too big for SPEN(It's like Sri Lanka bidding for common wealth game), it will drain their capital like hell and have to wait for years to get a return. There might be many other lucrative investment opportunities for SPEN rather than stuck into this. Uncle Harry knows the game and the play ground very well.[/quote].

But Reputed company like SPEN was waiting for such kind of project since 7-8 years time back.They might have done a due diligence before coming to an agreement.Even thought the total cost is very heavy for SPEN , they appropriate portion would have very bountiful for them.
As a Sri lankan I am regret to loose such kind of an investment opportunity and massive amount of foreign currency will drain to a foreign company.
Hari will loose the business ,but our poor garment girls will have to work more to earn that amount of foreign currency

14SPEN effect of withdrawing from FDI project Empty Re: SPEN effect of withdrawing from FDI project on Fri Jan 13, 2012 12:06 am

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@sapumal wrote:Other joke is harry have 30bn to buy SPEN, but no money for a PP/Loan to SPEN

Yes Sapumal this is the most interesting part of the whole drama.

Wonder how much money they already spent on this project?

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