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Delmege sale surprises employees

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1Delmege sale surprises employees Empty Delmege sale surprises employees Sun Jun 19, 2011 1:01 am

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics

http://www.sundaytimes.lk/110619/BusinessTimes/bt03.html

Delmege sale surprises employees

The outright sale of Lewis Brown & Company Ltd (the owning company of the Delmege Forsyth Group) to influential businessman and Transport Ministry Secretary Dhammika Perera and related parties on Thursday by the Mendis family owners, came as a ‘surprise’ to many including its employees as the group was ‘doing well’ and not on the way to being sold, according to some staff.

“Selling was not on the cards for senior officials in the company,” a official in the company told the Business Times. Brokers said another large diversified group which has been making forays in the share market in the recent times was also offered Lewis Brown & Co, but they weren’t interested.
Delmege is a diversified group of companies engaged in the businesses of imports, exports, retail distribution, travel, freight forwarding, insurance brokering, construction, interior décor, medical and air services.

Vallibel One acquired 51% ownership of the 100 year old group from the Mendis family (Ricky Mendis) while Royal Ceramics bought 20%, Mr. Perera himself accruing 10% and related parties purchasing 19% for Rs 3.1 billion. This is the first time that Mr. Perera has cottoned onto an established conglomerate (in terms of taking 100% control). “This has got him to a different stage and a much higher level,” an analyst said.

Analysts said that Delmege owns valuable land of more than Rs 2 billion in Colombo. "As there is a mad rush to grab 'Central Business District' land in the city which is still at bargain prices this acquisition by Mr. Perera comes as no surprise," an analyst told the Business Times.

The deal came just ahead of an initial public offer of Vallibel One which is opening on June 21 to raise Rs 532 million by selling 21 million shares at Rs 25 a share. It had a private placement early in 2011 also at Rs 25 and raised Rs 4.9 billion. Among the firm's assets are listed Royal Ceramics, LB Finance and a part-stake in Sampath Bank.

2Delmege sale surprises employees Empty SEMBS FINANCE LICENSE ! Sun Jun 19, 2011 5:50 am

NADEEKE


Stock Trader

PLZ EXPERTS COMMENT ON THIS ! WHAT IS HAPPENING TO THEIR FINANCE APPROVAL FROM MONETARY BOARD !

3Delmege sale surprises employees Empty Re: Delmege sale surprises employees Sun Jun 19, 2011 6:05 am

ISURU

ISURU
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

How this could be affected towards the first market price of the Vallibel One?

4Delmege sale surprises employees Empty Re: Delmege sale surprises employees Sun Jun 19, 2011 8:21 am

factFINDER

factFINDER
Manager - Equity Analytics
Manager - Equity Analytics

NADEEKE wrote:PLZ EXPERTS COMMENT ON THIS ! WHAT IS HAPPENING TO THEIR FINANCE APPROVAL FROM MONETARY BOARD !

Ah! Shocked ... approval for Delmage aquisition!

May be you are refering 15% stake in Sampath Bank?? As I know KDDP, Vellibel Investmrnt and Vellibel Leisure had seperately invested in Sampath Bank (altogether 15%) and then transferred to Vellibel ONE with approval obtained from MB/CBSL.

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