Sri Lanka Equity Forum
Dear Reader,

Registration with the Sri Lanka Equity Forum would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.

Thank You
Sri Lanka Equity Forum

Discussion Forum for Stock Market Investors in Sri Lanka

Submit Post
සිංහල පරිවර්තනය

Display results as :


Rechercher Advanced Search

Latest topics

» Wiser's TA Chart Room
by EquityChamp Today at 7:56 pm

» AEL Declines to 20.9
by EquityChamp Today at 7:49 pm

» COCR can be attractive
by EquityChamp Today at 7:43 pm

» LLUB for short term?
by EquityChamp Today at 7:35 pm

» CFVF will cross 34/= level today ...
by EquityChamp Today at 7:30 pm

» Ainv pchh lcem
by EquityChamp Today at 7:27 pm

» Where is Teller?
by EquityChamp Today at 7:21 pm

» MACD A Powerful Tool to Predict Market Trends
by EquityChamp Today at 7:14 pm

» ! CSF.N.0000 | 697 Millions Rights ..
by Chanuque Yesterday at 11:25 pm

» Earn 1.5% daily interest.. guaranteed..
by Gallardo Yesterday at 11:12 pm

» Daily News Bulletin | දිනපතා ප්‍රවෘත්ති
by Sstar Yesterday at 3:34 pm

» CDB, Collect or Sell?
by ranferdi Yesterday at 1:43 pm

by Gallardo Yesterday at 1:31 pm

by Eugine Fernando Yesterday at 12:42 pm

» ? Your Point Of View Before Telling My Experience ..
by Chanuque Yesterday at 11:32 am

by nirowat Wed Mar 21, 2018 10:08 pm

by thankrishan Wed Mar 21, 2018 4:57 pm

» CDB - Jounery Begun..
by mtsfernando Wed Mar 21, 2018 4:21 pm

» Market Sell Off
by DS Wijesinghe Wed Mar 21, 2018 1:18 pm

» Marriott International to open its first Sri Lankan hotel in 2014
by mahasona Wed Mar 21, 2018 12:09 am

Forum Disclaimer

The information contained in this forum have been submitted by third parties directly without any verification by us. The information available in this forum is not researched or purported to be complete description of the subject matter referred to herein. We do not under any circumstances whatsoever guarantee the accuracy and completeness information contained herein. its blogs, forums, subdomains and/or its affiliates and/or its web masters, administrators or moderators shall not in any way be responsible or liable for loss or damage which any person or party may sustain or incur by relying on the contents of this report and acting directly or indirectly in any manner whatsoever.

Trading or investing in stocks & commodities is a high risk activity. Any action you choose to take in the markets is totally your own responsibility, its blogs, forums, subdomains and/or its affiliates and/or its web masters, administrators or moderators shall not be liable for any, direct or indirect, consequential or incidental damages or loss arising out of the use of this information. The information on this website is neither an offer to sell nor solicitation to buy any of the securities mentioned herein. The writers may or may not be trading in the securities mentioned.

You are not connected. Please login or register

Sri Lanka Equity Forum » Stock Market Talk » Abans group failed to comply with corporate governance Rule 7.10

Abans group failed to comply with corporate governance Rule 7.10

Go down  Message [Page 1 of 1]


Senior Equity Analytic
Senior Equity Analytic
Troubled Abans plc Profit for 9 months to Dec 2017 dropped by 85% from 320 mn to 50 mn.profit for 3 months to Dec 2017 dropped by 84% from 17 mn to 2 mn.Diversion funds to sister companies has resulted in 105 mn loss mainly related to the joint venture property development Colombo City Centre.

Due to One of the non independent director and audit committee chairman namely Hiran Embuldeniya (common director of Abans plc and Abans finance plc) , The group has failed to comply with corporate governance requirements set out in Rule 7.10 of listing rules.

Embuldeniya is the shareholder director of Ironwood Investment which holds major shares in Abans Finance . Due to this conflict of interest their shareholding (49.67%)in Abans Finance PLC along with Ironwood Investment(41.89.%) , sister companies (Able investment, A B Cold storage , A B Securitas , Cleantech)51.54% , directors (2.57%)and proxy employees (2.04%) is 98.04% resulting in public holding of 1.96% .

They have fraudulently declared to CSE as 8.10%.

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum