TFC Crossing

It seems Dr. T.S is transferring from one account to another!

Yes, as of 31/12/2011, only Dr Senthilverl was holding such quantity. Rs 50/- is not bad deal. His cost may be around 40/-

No buyer is National Savings Bank. It seems another suspicious deal.

Sellers may be :

MR. A.S.R. SILVA
MR. D.G. WIJEMANNE

But we have to wait and see.

Transaction through Taprobane Brokers means DR.T.S may be involved.

It went in four Crossings

2,904,983
2,900,000
669,700
669,700

Gaja wrote:It went in four Crossings

2,904,983
2,900,000
669,700
669,700

http://forum.srilankaequity.com/t17608-trade-summary-market-27-04-2012#116523

sriranga wrote:

Gaja wrote:It went in four Crossings

2,904,983
2,900,000
669,700
669,700

http://forum.srilankaequity.com/t17608-trade-summary-market-27-04-2012#116523

Thanks for the details, since its duplicate will delete it

April 28, 2012, 5:12 pm

The National Savings Bank Friday acquired nearly 12 per cent of The Finance Company PLC (TFC), the country’s first established finance company, paying slightly over Rs. 357 million at a price of Rs. 50 per share – Rs. 20 a share above the prevailing market, to acquire some large blocks from four shareholders in the company’s top twenty list.

The sellers are believed to be Dinal Wijemanne, CEO of Taprobane Securities, a Colombo stockbroking firm, Rayynor Silva, the brother of deleted Silva, MP, of ABC Radio and two smaller shareholders, Messrs. N Perera and A.A.Y. Perera.

Wijemanne and Silva each owned 2.9 million shares ( 4.8% of TFC) while the two Pereras owned 669,700 shares each (1.11%).

According to the last published unaudited financials of the company for the period ended Dec. 31, 2011, TFC had accumulated losses Rs. 9.4 billion in its books and negative net assets per share of Rs. 23.57, a slight improvement from minus 23.65 a year earlier.

The company had posted a small profit of Rs. 15.85 million for the nine months to Dec. 31, 2011, up from a loss of Rs. 1.6 billion during the comparative period the previous year. This translated to a profit of 10 cents a share against a loss Rs. 78.78 a year earlier.

Analysts noted that TFC which took a heavy blow from the Golden Key collapse had total assets as at Dec. 31, 2011, of Rs. 21 billion and liabilities Rs. 24.23 billion.

Dr. T. Senthilverl through three accounts is the top shareholder of the company with nearly 20.7% while Ceylinco Investments held 11.04%. Mr. Lalith Kotelawela has a personal stake of 0.87% and is the 16th largest shareholder.

The state sector is also in the top twenty shareholders’ list through the EPF (8.43%) and Bank of Ceylon/Ceybank Unit Trust (5.19%).

Some analysts said that TFC owns a valuable land bank and the knock-on effect of the Golden Key collapse is wearing off. However the premium the NSB paid for the shares have raised eyebrows.

"It’s a 60% premium and the deal was struck at the Rs. 50 price when the market was at Rs. 30,’’ one analyst said.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=50684

CSE.SAS wrote:April 28, 2012, 5:12 pm


The sellers are believed to be Dinal Wijemanne, CEO of Taprobane Securities, a Colombo stockbroking firm, Rayynor Silva, the brother of deleted Silva, MP, of ABC Radio and two smaller shareholders, Messrs. N Perera and A.A.Y. Perera.

Wijemanne and Silva each owned 2.9 million shares ( 4.8% of TFC) while the two Pereras owned 669,700 shares each (1.11%).


http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=50684

So invisible hands or super power backed persons push NSB to buy the shares at high price.
Another gilmart of MR administration.
Miracle of Asia.

It was the last Financial company in country to buy some shares

Redbulls wrote:

CSE.SAS wrote:April 28, 2012, 5:12 pm


The sellers are believed to be Dinal Wijemanne, CEO of Taprobane Securities, a Colombo stockbroking firm, Rayynor Silva, the brother of deleted Silva, MP, of ABC Radio and two smaller shareholders, Messrs. N Perera and A.A.Y. Perera.

Wijemanne and Silva each owned 2.9 million shares ( 4.8% of TFC) while the two Pereras owned 669,700 shares each (1.11%).


http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=50684

So invisible hands or super power backed persons push NSB to buy the shares at high price.
Another gilmart of MR administration.
Miracle of Asia.

yes...macho..the nSB chairman..Mr. Pradeep Kariyawasam is husband of the Chief Justice... Then Raynoor silva.. brother of MP and owner of Hiru FM... so you can see how the invisble hands are working ... this crrosings were not approved by NSB board even.. so see the power of Miracle of Asia..

Government should be responsible for all corruptions.They do what they want,any body is not there to question from them....Wonder of Asia....Finally people steal our money...

If President has a clear vision to stop the corruptions,He can do it within over night.But he doesn't want.
At least he should learn from other leaders.

I suggest president to see below article & change his vision in good way.


I want to show that only how other people worry about corruptions & other misbehavior.
http://www.abc.net.au/news/2012-04-29/20120429-gillard-presser/3978928

http://www.abc.net.au/news/2012-04-29/barrie-cassidy-on-the-fallout-for-gillard/3978876

Judgement call'/29/04/12

Julia Gillard has asked MP Craig Thomson to quit the Labor Party and told Speaker Peter Slipper to accept a longer suspension as she moves to dispel what she says is a "dark cloud" hanging over the Federal Parliament.

Mr Thomson, who is facing allegations about the misuse of a union credit card, has been suspended from the ALP but says he remains a "Labor person" and will continue to vote with the Government as an independent MP.

Meanwhile Mr Slipper has moved to head off a possible no-confidence motion by confirming he will not be in the chair when Parliament resumes on budget night, May 8.

Mr Thomson, the embattled member for Dobell, on the New South Wales central coast, has been under investigation by Fair Work Australia for nearly four years over allegations he used his Health Services Union (HSU) credit card to pay for prostitutes.

Speaking to reporters on Sunday afternoon, he confirmed that he had asked to be suspended from the Labor Party after a discussion with Ms Gillard late yesterday.

"I am still a Labor person ... I will be supporting Labor's agenda ... clearly I am not going to be part of the Caucus process... but broadly I will be supporting the Prime Minister's position in terms of the reform agenda... certainly in terms of no confidence motions, supply motions," he said.

Mr Thomson said he and Ms Gillard "both had the same view as to where we should go on this, for different reasons."

And he savaged Fair Work Australia over its handling of the drawn-out investigation into allegations against him.

"It's been my position right from the start was that this should have been dealt with within six months," he said.

"Quite frankly I've had two baby daughters in the time that this has been going on.

"This is a matter that's gone on for too long ... it's almost inconceivable that we are almost four years down the track.

"There are no charges against me, there are some unsubstantiated allegations that are there... I completely maintain my innocence."

Mr Thomson's dramatic statement came after Ms Gillard addressed reporters to say she had asked Mr Thomson to stand aside for the good of the Parliament.

She also confirmed that Mr Slipper had agreed to extend his exile from the Speaker's chair.

"I have made a judgement call which I believe is right, because I want Australians to be able to look at the Parliament and respect the Parliament, and I believe a line had been crossed about the ability of Australians to confidently say that they had respect in our Parliament," she said.

Craig Thomson's career
Craig Thomson was elected national secretary of the Health Services Union in 2002.
He was elected as the Member for Dobell in the 2007 federal election.
In 2008 the HSU began investigating allegations Mr Thomson used his union-issued credit card to pay for prostitution and escort services.
The investigation also looked at claims he used the credit card to withdraw cash to bankroll his election campaign.
Early this year Fair Work Australia completed a three-year report into Mr Thomson's conduct at the HSU.
The findings of the report are yet to be released.
Mr Thomson has denied the allegations.
Mr Thomson said he had called Labor's New South Wales secretary Sam Dastyari after speaking to Ms Gillard last night, and had asked him to suspend his membership.

His move is not expected to affect the fragile balance of power in the House of Representatives, because he says he will still vote with Labor.

Mr Slipper has released a statement to say he will ask Labor's Deputy Speaker Anna Burke to sit in the Speaker's chair when Parliament resumes on budget night, May 8.

Mr Slipper is under investigation over alleged use of Cabcharge vouchers and is also facing claims that he sexually harassed a male staffer.

@market bull.
You are million time correct.
But with this stupids, it won't work.
They brought up as a criminals.
Ruling as a criminals.
What we can expect from these rasc**s.
Only wise thing we can do use our voting power in sensible way and send them home.
But as like investors most of our people are short memory ons.
God can help.(If he is not corrupted by this bast**s)

http://www.cse.lk/cmt/upload_cse_announcements/8811335756569_.pdf

Gaja wrote:http://www.cse.lk/cmt/upload_cse_announcements/8811335756569_.pdf

can we also sell our shares for 50Rs .... (only directors are lucky???)

The recent buy of a 12% stake of The Finance Company (TFC) by the National Savings Bank (NSB) is completely value driven and an investment to the future of both corporate entities, said TFC Chairman Preethi Jayawardena.

The contention that the price paid for each share of TFC was premium and did not validate the company’s share value was roundly rejected by Jayawardena.

“The investment by NSB was on the future of TFC. This is an institution with a long and prestigious history.
However, after the Ceylinco debacle, there were doubts cast upon the company’s future. When I was appointed as Chairman of the company and the new Director Board took over, upon intervention of the Central Bank, TFC was in great financial difficulties. From a Rs. 1.7 billon loss-making venture, the company has witnessed a significant turnaround, making Rs. 15 million in profit during the last three quarters,” he said.
Jayawardena, said that the value of the share of TFC previously did not reflect the company’s performance or potential.

“The share price for a TFC share was highly undervalued owing to market conditions within the country and external factors such as economic factors on a global scale. Therefore, it can be safely said that the share price did not reflect the true worth of the company,” added Jayawardena a widely-respected business leader currently functioning as the Managing Director/CEO of Chemanex PLC and also as a Non-Executive Director of CIC PLC (the holding company of Chemanex).

The Chairman said that the transaction should not be viewed as a one-off dealing. “This is a partnership for both entities. This was not a share bought over the counter and I am sure NSB would have done its homework before consideration. The benefits that would be reaped by the deal would augur well to all stakeholders of both companies and would provide horizontal integration to both companies in their future endeavours.”

Jayawardena was optimistic about the future of the company, stating that TFC had taken all necessary steps to strengthen infrastructure in order to meet the needs emerging within the current market.

“The inclusion of a new Director, Cherille Rose – a former Vice President of global giant Citi Bank – has added to the strength of the company. We have adhered to all corporate governance principles and have taken all necessary measures to ensure that the company is run efficiently and diligently. I firmly believe that investors should look at the future of the company and this is exactly what this transaction mirrors,” he said.
TFC Director/CEO Kamal Yatawara also expressed similar sentiments: “The company has been working with an internationally-reputed strategic consultancy firm and this will only go on to maximise value and profit creation.”

Yatawara went on to point out that TFC is necessarily value-driven with a proud heritage and history. “This company is the largest and most sought-after financial institution in the country. Today the monthly intake in deposits of the company has exceeded over Rs. 1 billion, which mirrors investor and public confidence in the company.”

Commenting on intervention by the Central Bank, Yatawara noted that the intervention proved vital. “When financial institutions in the West were falling like a pack of cards, leaving employees and investors destitute, not one registered financial institution in Sri Lanka had to close shop.”

Yatawara went on to state that the buy by NSB would enhance value to both companies to serve their stakeholders and the public at large. “NSB is a specialised banking institution and this in essence is a strategic partnership. NSB will be able to integrate horizontally and move into sectors that it could not previously due to limitations in place. It will open up new avenues for both entities and is clearly a win-win situation for both companies.”

Speaking on the transaction further Yatawara said that since TFC had been the market leader in the real estate industry, the partnership with NSB would cement its dominance and provide relief to its clientele.

“A majority of citizens in the present day market buy land on loans and this partnership will only add value to them, giving them the direct opportunity to take out loans with less hassle and adding value to what we bring as a company to the desk. TFC has witnessed an unprecedented increase of 350% bringing in Rs. 2.7 billion in real estate-related transactions in comparison to last year and the partnership will further cement our surge,” he said.

Yatawara pointed out that the transaction would have occurred after thorough and careful analysis of the future potential of the company together with its corporate practice. The infrastructure possessed by TFC was also a major contributing factor for the investment. “TFC has the largest and widest network in our specified business and therefore it proved to be crucial in the decision,” he said.

He went on to state that the investment by NSB was one that was long-awaited. “NSB in fact wanted to buy shares worth Rs. 200 million during the initial share issue, but circumstances were such that when the cheque was received when the issue was closed. They always had an intention to pursue a profitable venture with us,” he said.

Yatawara said that the investment would prove to be fruitful in the near future. “As a company, despite doing one of the best turnarounds in the country’s recent corporate history, we know that we could achieve much higher goals. The investment would facilitate this drive to the future and cement our place once again as the most respected and profitable company in the country in our specified business.”
http://www.ft.lk/2012/05/02/nsb-12-buy-a-future-investment-says-tfc/

The director board of state-owned National Savings Bank (NSB) convened a special meeting yesterday as questions continued to be raised about the bank’s purchase of The Finance Company shares at an inflated price last week.

The Island Financial Review learns that the NSB employees’ union had questioned the deal, while several brokering firms too have taken a critical stance. Opposition legislatures have also voiced their concerns over the deal.

When asked for a comment, NSB Chairman Pradeep Kariyawasam told The Island Financial Review that it was strategic investment made at the invitation of The Finance Company.

"They (The Finance) will call a media briefing shortly to explain the rational behind the deal. We (NSB) do not necessarily have to explain it ourselves. If the need arises, we would issue a statement later," Kariyawasam said.

Last week, NSB purchased around 7.8 million shares of The Finance Company at a consideration of Rs. 391 million. Shares were purchased at Rs. 49.74, around Rs. 20 above the market price when the deal was finalised, amounting to a 66 percent premium.

The Island Financial Review learns NSB have been offered two seats of the board of The Finance.

The Finance Company reported a Rs. 17.5 million loss for the December 2011 quarter, which translated to a Rs. 15.8 million profit for the nine months ended December 31, 2011.

"The investment by NSB was on the future of TFC. This is an institution with a long and prestigious history. However, after the Ceylinco debacle, there were doubts cast upon the company’s future. When I was appointed as Chairman of the company and the new Director Board took over, upon intervention of the Central Bank, TFC was in great financial difficulties. From a Rs. 1.7 billon loss-making venture, the company has witnessed a significant turnaround, making Rs. 15 million in profit during the last three quarters," TFC Chairman Preethi Jayawardena was quoted in a media report.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=51009