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Sri Lanka Equity Forum » Stock Market Talk » UBC has come to the party

UBC has come to the party

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1UBC has come to the party  Empty UBC has come to the party on Mon Apr 28, 2014 12:57 pm

LANKAN LION

LANKAN LION
Equity Analytic
Equity Analytic
UBC has come to the party

2UBC has come to the party  Empty Re: UBC has come to the party on Wed Apr 30, 2014 2:48 am

raezor


Equity Analytic
Equity Analytic
Does anybody know the reason ?

3UBC has come to the party  Empty Re: UBC has come to the party on Wed Apr 30, 2014 8:53 am

LANKAN LION

LANKAN LION
Equity Analytic
Equity Analytic
Confirming and exclusive from proFIT.lk and randora.lk a few days ago, Union Bank has officially requested the regulatory authorities’ permission to sell a 15% stake to TPG Asia VI through a new share issue a senior state official intimated to randora and proFIT.


As stated in our report, TPG Asia VI will acquire this stake in Union Bank for Rs. 12-15 billion. This could be the largest investment made by a private equity firm in Sri Lanka.

With approval from the Monetary Board of the Central Bank, a single investor or group of affiliates can acquire up to a maximum of 15% of a local commercial bank.

Subject to regulatory approval, the anticipated deal will make Union Bank which has 51 branches across the country the fifth largest commercial bank in Sri Lanka.

While unofficial discussions on this were ongoing, the share price of Union Bank had increased to Rs.21.40 yesterday (29th) and its market capitalization had exceeded Rs.7.4 billion. This is 0.31% of the total market capitalization.

It is reported that the party has already requested the Securities and Exchange Commission permission for a new share issue and are anticipating a favorable response. In a separate communiqué, randora and proFIT were intimated to the fact that while a new share issue is possible, the exact number of shares to be issued has not yet been decided by the bank.

The approval of shareholders is also required for this.

At present, 349,250,000 shares of Union Bank are traded on the market and 77.6% of these shares are held by 20 stakeholders.

18.5% is held by Vista Knowledge owned by Malaysia’s Genting Berhad, 7% is held by Sampath bank and 6.5% is held by Union Bank Chairman Alex Lowell who has been the chief mover behind the TPG Asia VI deal.

It is also mentioned that Sampath Bank acquired its 7% stake in Union Bank during a time when it was in trouble and that it was disappointed that there has been no dividend on its investment over a significant period of time.

The gross profits of Union Bank group had dropped 76% from Rs.430 million in 2012 to Rs.104 million in 2013 while its net profit for the quarter ending December 31st 2013 had dropped from Rs.183.7 million to Rs.71 million over the same period in 2012. Earnings per share dropped from Rs.1.23 in 2012 to Rs.0.30 in 2013.

4UBC has come to the party  Empty Re: UBC has come to the party on Wed Apr 30, 2014 9:22 am

suddera

suddera
Manager - Equity Analytics
Manager - Equity Analytics
What would be the impact on SAMP over this UBC deal.

5UBC has come to the party  Empty Re: UBC has come to the party on Wed Apr 30, 2014 10:53 am

LANKAN LION

LANKAN LION
Equity Analytic
Equity Analytic
with this news now UBC become 5 th or 6 Lagest bank in srilanka

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