Commercial Bank amend Rights Issue, plans to raise debt

Commercial Bank has amended the proposed Rights Issue to raise only a sum of Rs. 4.854 billion from a previous plan of raising Rs. 10 billion.
The Bank announced the rest of the required capital which runs up to Rs. 5 billion will be found in the form of Tier 11 capital (debt market) during the [...]

Corporate Earnings

C T LAND DEVELOPMENT PLC – CTLD

•    CTLD’’s Revenue for FY 2011 grew by 14% YoY to LKR 310mn
•    Fair value adjustment on investment property LKR 15mn
•    Cash EPS LKR 3.46
•    Net profit LKR 184mn (FY 2010- LKR 85mn)
•    PER 9x,  PBV 0.76x (NAV LKR 45.35)
•    Land & property  sector multiples – PER 25.1x, PBV [...]

AMW Capital Leasing to start trading its shares

Twenty million shares of AMW Capital Leasing will commence trading on the CSE, starting from this Wednesday the 8th of June.
The shares of the company will be listed under the Diri Savi Board of CSE.
AMW Capital Leasing, which is listing its shares as a way of an introduction will see its shares classified under the [...]

NANO cost more than double in Sri Lankan market

Mumbai:Tata Motors’ small car Nano, which has begun its overseas journey with Sri Lanka, is being sold at a starting price of Lankan Rs 9,25,000 for the base model, or around R3,78,656, more than twice its price in India. Nano is priced around R1.40 lakh in India for the base model in New Delhi. In [...]

Beverage producer to raise Rs. 680 million

Ceylon Cold Stores PLC is planning to raise Rs. 680 million via a Rights Issue.
Towards this the Beverage producer is offering 2.16 million shares at an issue price of Rs. 300 per share.
The proportion of the offer would be one new ordinary share for every ten shares held by the Shareholders.
Rights trading will commence on [...]

HNB amends the “Rights Issue” plan

The Hatton National Banks has lowered its earlier plan to raise Rs. 14 billion via a Rights issue to just 7.14 billion.
The Bank in a stock market filing said this was done “Taking into consideration the recent developments in equities and debt market”.
HNB announced that it will raise the balance Rs. 7 billion by way [...]

Corporate Earnings

Abans Electricals PLC- ABAN

•    ABAN’s revenue for FY 2011 increased by 56% YoY LKR 3.78bn
•    Gross Profit increased by 40%  YoY to LKR 467mn, GP  margin at 12.3%
•    Net profit increased by 57% LKR 106mn triggered by top line growth
•    PER 13.22x
•    PBV 3.9x, Net Asset Value per share LKR 84.50
•    Manufacturing  sector multiples – [...]

Aitken Spence rating outlook revised to “Negative” from “Stable”

The rating outlook of Aitken Spence PLC has been revised from “Stable” to “Negative”.
Fitch Ratings says the “Negative Outlook” reflects its concern over the probability of a sizable reduction in the scale of ASP’s existing power sector operations and the expectation of the more volatile hotel sector dividend.
Fitch cites, the dividends from the hotel sector [...]

CORPORATE EARNINGS

CIC Holdings PLC – CIC
•    Revenue for FY2011  up 26.7% YoY to LKR 21,045mn
•    Gross Profit margin 22.8%
•    EBIT Margin 9%
•    Reported Net Profit for FY2011 up by 56.6% to  LKR 1,167mn
•    Reported EPS – LKR 9.80 (+57% YoY)
•    NAV per share- LKR 70.88
•    Voting Share LKR 160.40
•    PER – 16.37x
•     PBV – [...]

Few RFCs struggle to meet the listing deadline, while the rest will go through

Except for few, majority of the registered finance firms will list their firms on the Colombo Stock Exchange before the June 30th deadline, A Central Bank official said.
He said few finance companies who underwent financial crisis and still recovering, will not meet the deadline set by the Bank.
Meanwhile, a statement from the Central Bank announced [...]