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On 6th January 2020, LOLC Sri Lanka the parent company in their disclosure clearly mentioned that their Singaporean subsidiary The LOLC International Private Limited of Singapore which holds 70% stake in Cambodian PRASAC Micro Finance Institution Limited, entre into sale agreement for the consideration of USD 603 Million.
The LOLC International Private Limited of Singapore is functioning as separate entity in Singapore, they are maintaining separate books of Accounts under Singaporean accounting practice and taxation rules.
The Singaporean accounting practice and taxation rules are well developed than Sri Lanka.
The sale proceeds of Cambodian PRASAC Micro Finance Institution Limited, USD 603 Million will go to The LOLC International Private Limited of Singapore entity's books of Accounts under Singaporean accounting practice and taxation rules,
Further, when The LOLC International Private Limited of Singapore invest in Cambodia year 2007, it has book value of investment in their financial Statement in Singapore, that amount should be deducted from Cambodian Sales proceeds and after paying Cambodian sales tax if any.to arrive profit on sale, that is totally entitle to The LOLC International Private Limited of Singapore that too subject to Singaporean taxation, can't cheat / evade tax payment like Sri Lanka.
The sale of Cambodian PRASAC Micro Finance Institution Limited profit will be in The LOLC International Private Limited of Singapore entity's books of Accounts as under listed Other income in income statement.
Finally net off their all the running expense of The LOLC International Private Limited of Singapore as usual in the income statement the net profit of Singapore LOLC will be subject to Singaporean taxation then attributed to Sri Lankan Parent company in due course, but they could make use that profit to develop The LOLC International Private Limited of Singapore.
As conclusion. sale proceed of The Cambodian PRASAC Micro Finance Institution Limited will go to The LOLC International Private Limited of Singapore, Functioning as entity in Singapore. will be reflected in their income statement with listed other income, after meeting their expenses net profit subject to Singapore taxation, final profit may be shared to Singaporean share holders if they listed there or totally attributed to Sri Lankan parent company
But some of the our forum's great experts are saying
1. When the ship from Cambodia with USD 603 Million arrive at Colombo harbor LOLC price would be sky rocketed at CSE.
2.some are directly adding this USD 603 Million to Sri Lankan parent LOLC'S income statement and dividing the net profit by number of issued shares, claiming EPS should be Rs.170 .
3.Some are wailing for cheating.
4. Some are wailing for injustice to the the minority share holders
5. Some are after running behind these experts, wailing for action in this forum against the one and a quarter experts of this forum, for sell, buy or hold advices
6. Some are saying new moderators needed for forum to tackle the quarter experts.
The LOLC International Private Limited of Singapore is functioning as separate entity in Singapore, they are maintaining separate books of Accounts under Singaporean accounting practice and taxation rules.
The Singaporean accounting practice and taxation rules are well developed than Sri Lanka.
The sale proceeds of Cambodian PRASAC Micro Finance Institution Limited, USD 603 Million will go to The LOLC International Private Limited of Singapore entity's books of Accounts under Singaporean accounting practice and taxation rules,
Further, when The LOLC International Private Limited of Singapore invest in Cambodia year 2007, it has book value of investment in their financial Statement in Singapore, that amount should be deducted from Cambodian Sales proceeds and after paying Cambodian sales tax if any.to arrive profit on sale, that is totally entitle to The LOLC International Private Limited of Singapore that too subject to Singaporean taxation, can't cheat / evade tax payment like Sri Lanka.
The sale of Cambodian PRASAC Micro Finance Institution Limited profit will be in The LOLC International Private Limited of Singapore entity's books of Accounts as under listed Other income in income statement.
Finally net off their all the running expense of The LOLC International Private Limited of Singapore as usual in the income statement the net profit of Singapore LOLC will be subject to Singaporean taxation then attributed to Sri Lankan Parent company in due course, but they could make use that profit to develop The LOLC International Private Limited of Singapore.
As conclusion. sale proceed of The Cambodian PRASAC Micro Finance Institution Limited will go to The LOLC International Private Limited of Singapore, Functioning as entity in Singapore. will be reflected in their income statement with listed other income, after meeting their expenses net profit subject to Singapore taxation, final profit may be shared to Singaporean share holders if they listed there or totally attributed to Sri Lankan parent company
But some of the our forum's great experts are saying
1. When the ship from Cambodia with USD 603 Million arrive at Colombo harbor LOLC price would be sky rocketed at CSE.
2.some are directly adding this USD 603 Million to Sri Lankan parent LOLC'S income statement and dividing the net profit by number of issued shares, claiming EPS should be Rs.170 .
3.Some are wailing for cheating.
4. Some are wailing for injustice to the the minority share holders
5. Some are after running behind these experts, wailing for action in this forum against the one and a quarter experts of this forum, for sell, buy or hold advices
6. Some are saying new moderators needed for forum to tackle the quarter experts.
