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Sri Lanka Equity Forum » Stock Market Talk » Jonny's Mahapola Finance to takeover GSF

Jonny's Mahapola Finance to takeover GSF

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1Jonny's Mahapola Finance to takeover GSF Empty Jonny's Mahapola Finance to takeover GSF on Wed Apr 30, 2014 1:47 pm

Sstar

Sstar
Vice President - Equity Analytics
Vice President - Equity Analytics
Plans are underway for Mahapola Finance the finance company under the purview of Minister Johnston Fernando to takeover George Stewart Finance(GSF). Upon the sale George Stewart Finance will cease to exist. Can anyone guess the Price. It guess cannot be anything more than Rs 30/=.

Johnston is also eying for Asia Asset Finance (AAF) and has given an offer of Rs 1.70.

Attempt to acquire a finance company using Mahapola funds revealed

http://www.sundaytimes.lk/140420/business-times/attempt-to-acquire-a-finance-company-using-mahapola-funds-revealed-92871.html

Financial misappropriation and irregularities allegedly committed in thesetting up of a private company called National Wealth Corporation Ltd in 2003 to manage the funds of Mahapola Scholarship Trust Fund came to light again following a new move of this company to a acquire a finance or leasing company adopting a similar tactic after almost 10 years, informed sources revealed.

This move was not in accordance with the Central Bank’s plan to consolidate Sri Lanka’s financial institutions, a senior government official who wishedto remain anonymous told Business Times.

He said that National Wealth Corporation Ltd and NatWealth Securities Ltd, subsidiaries of NatWealth Group, are negotiating with government authorities to enter into finance and leasing business acquiring a non banking financial institution registered with the Central Bank.

University students too have expressed grave concern about the dangers posed to the Mahapola Scholarship Fund due to this situation and vehemently protesting against it.

They asked as to how this fund management company which was formed in 2003 without a proper approval and knowledge of the authorities by using money allocated for the welfare of university students is going to make a hugeinvestment to acquire a finance company and for what benefits.

A senior government official said that these financial misappropriation issues have not been rectified to date although it had been pointed out in Auditor General’s Report as matters of continuous nature.

The NatWealth Group was set up with the objective of enhancing the returns to the Mahapola Higher Education Scholarship Trust Fund by engaging in various fund and fee based activities.

According to Auditor General’s report 2011, “In terms of the MahapolaHigher Education Scholarship Trust Fund board paper No 39/03 dated 13th May 2002, a private company had been established on 23rd March 2003 with an initial capital contribution of Rs. 200,000,000 with an expectation of fund management to be able to earn higher income by investing the surplus money belonging to the fund in the competitive money market.

However the approval of the minister of finance had not been obtained for the investment in terms of section 82.3 of the Public Enterprises circular No PED / 12 OF 02 June 2003.

The total amount given from the fund to the company as at December 2011 for management was Rs. 5,125,294,995.”

2Jonny's Mahapola Finance to takeover GSF Empty Re: Jonny's Mahapola Finance to takeover GSF on Wed Apr 30, 2014 2:02 pm

jonta999

jonta999
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Where is your proof?

It is a finance company but article does not mention GSF or AAF?

As a mod u should not circulate false rumours

3Jonny's Mahapola Finance to takeover GSF Empty Re: Jonny's Mahapola Finance to takeover GSF on Wed Apr 30, 2014 2:10 pm

Sstar

Sstar
Vice President - Equity Analytics
Vice President - Equity Analytics
@jonta999 wrote:Where is your proof?

It is a finance company but article does not mention GSF or AAF?

As a mod u should not circulate false rumours

You are a frog inside the well and you wouldn't know whats going on outside. First get out of the well and then you will be enlighten.

4Jonny's Mahapola Finance to takeover GSF Empty Re: Jonny's Mahapola Finance to takeover GSF on Wed Apr 30, 2014 2:23 pm

jonta999

jonta999
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
haha how the power of Sstar.

I just said to prove it.

5Jonny's Mahapola Finance to takeover GSF Empty Re: Jonny's Mahapola Finance to takeover GSF on Wed Apr 30, 2014 2:30 pm

Sstar

Sstar
Vice President - Equity Analytics
Vice President - Equity Analytics
@jonta999 wrote:haha how the power of Sstar.
I just said to prove it.

Call Dilith and ask him! Do you want his mobile number??

6Jonny's Mahapola Finance to takeover GSF Empty Re: Jonny's Mahapola Finance to takeover GSF on Wed Apr 30, 2014 2:32 pm

jonta999

jonta999
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
You are the one who is promoting this share ne.. So call him and get a voice cut and post it here.

He'll give you some commission. Don't worry

7Jonny's Mahapola Finance to takeover GSF Empty Re: Jonny's Mahapola Finance to takeover GSF on Wed Apr 30, 2014 2:36 pm

Sstar

Sstar
Vice President - Equity Analytics
Vice President - Equity Analytics
@jonta999 wrote:You are the one who is promoting this share ne.. So call him and get a voice cut and post it here.

He'll give you some commission. Don't worry

I don't need to promote anything in this forum. You have seen my portfolio, but you are still hiding yours. I am just telling the rumor before it turns into an announcement. So that members can take a well informed decision. You are a matured enough Boy! So you can take your own decision. Commission will help you more than me.

8Jonny's Mahapola Finance to takeover GSF Empty Re: Jonny's Mahapola Finance to takeover GSF on Wed Apr 30, 2014 2:41 pm

jonta999

jonta999
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Yeah I'm a matured boy and if you come here I'll show my maturity.

9Jonny's Mahapola Finance to takeover GSF Empty Re: Jonny's Mahapola Finance to takeover GSF on Wed Apr 30, 2014 5:42 pm

Shanaka Pathirana


Equity Analytic
Equity Analytic
aaa



Last edited by Shanaka Pathirana on Wed Apr 30, 2014 5:46 pm; edited 1 time in total

10Jonny's Mahapola Finance to takeover GSF Empty Re: Jonny's Mahapola Finance to takeover GSF on Wed Apr 30, 2014 5:43 pm

Shanaka Pathirana


Equity Analytic
Equity Analytic
[quote="Shanaka Pathirana"]
@jonta999 wrote:Where is your proof?

It is a finance company but article does not mention GSF or AAF?

As a mod u should not circulate false rumours



Last edited by Shanaka Pathirana on Wed Apr 30, 2014 5:45 pm; edited 1 time in total

11Jonny's Mahapola Finance to takeover GSF Empty Re: Jonny's Mahapola Finance to takeover GSF on Wed Apr 30, 2014 5:44 pm

Shanaka Pathirana


Equity Analytic
Equity Analytic
@Shanaka Pathirana wrote:
@Shanaka Pathirana wrote:
@jonta999 wrote:Where is your proof?

It is a finance company but article does not mention GSF or AAF?

As a mod u should not circulate false rumours

I believe its AAF and not GSF.... AAF has already found a foreign investor,  but NATWEALTH has quoted a higher price. Anyway this is absurd... How come NATWEALTH do such a transaction???  it is highly unethical to use funds available for innocent UNI students. The return for such investment will be gained on the long run. I guess the investment would be around 1Bn and the payback period for such investment would be 10-15 years....

12Jonny's Mahapola Finance to takeover GSF Empty Re: Jonny's Mahapola Finance to takeover GSF on Thu May 01, 2014 2:14 am

rdk2874


Manager - Equity Analytics
Manager - Equity Analytics
@Shanaka Pathirana wrote:
@Shanaka Pathirana wrote:
@Shanaka Pathirana wrote:
@jonta999 wrote:Where is your proof?

It is a finance company but article does not mention GSF or AAF?

As a mod u should not circulate false rumours

I believe its AAF and not GSF.... AAF has already found a foreign investor,  but NATWEALTH has quoted a higher price. Anyway this is absurd... How come NATWEALTH do such a transaction???  it is highly unethical to use funds available for innocent UNI students. The return for such investment will be gained on the long run. I guess the investment would be around 1Bn and the payback period for such investment would be 10-15 years....

hello

could you tell me what is your expectation on aaf. i have bought at 2.4 and been holding for quite some time 30000 shares.

what would be the price of the deal and what is your expected price.

thanks

13Jonny's Mahapola Finance to takeover GSF Empty Re: Jonny's Mahapola Finance to takeover GSF on Thu May 01, 2014 5:29 am

Octopus

Octopus
Expert
Expert
@Shanaka Pathirana wrote:
@Shanaka Pathirana wrote:
@jonta999 wrote:Where is your proof?

It is a finance company but article does not mention GSF or AAF?

As a mod u should not circulate false rumours


first time I heard time i heard about this stock. this must be a promotion for me.

14Jonny's Mahapola Finance to takeover GSF Empty Re: Jonny's Mahapola Finance to takeover GSF on Fri May 02, 2014 11:59 am

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Intelligent people know who Jonney is

Very dangerous situation if correct

If you take past records most probably correct news

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