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First Guy
First Guy
Posts : 2599
Join date : 2014-02-22

Founder shareholder Shanker exits Browns Investments Empty Founder shareholder Shanker exits Browns Investments

Mon Aug 25, 2014 7:19 am

Founder shareholder Shanker Somasu-nderam has exited Browns Investments Plc (BIL). Last week he sold 25 million shares and 24.7 million shares at 10 cents each.

As at 30 June 2014, Shanker who also sits on BIL Board held 50 million shares as the sixth largest shareholder. BIL share price closed the June quarter at Rs. 1.60.
Its Net Asset per Share is Rs. 3.41 whilst at Group level it is Rs. 5.70. Shareholders of BIL on 4 August approved the Rights Issue of one New Ordinary Share for every one existing Ordinary Share at Rs. 1.25 each. Brown and Company (37%), Century Investments Plc (GREG) (20% stake) and LOLC Investments Ltd (13%) are among major shareholders of BIL.

In first quarter of FY15, bottom line of BIL which has interests in investments, leisure, porcelain, construction and travel was a negative Rs. 22.6 million, as opposed to a positive Rs. 76 million a year earlier. Group post-tax loss was Rs. 166 million, in comparison to a profit of Rs. 34 million. Group revenue was down by 5% to Rs. 226 million.

http://www.ft.lk/2014/08/25/founder-shareholder-shanker-exits-browns-investments/
nihal123
nihal123
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Top contributor
Posts : 6327
Join date : 2014-02-24
Age : 56
Location : Waga

Founder shareholder Shanker exits Browns Investments Empty Re: Founder shareholder Shanker exits Browns Investments

Mon Aug 25, 2014 7:26 am
Thanks First Guy
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Jana1
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Top contributor
Posts : 630
Join date : 2014-02-23

Founder shareholder Shanker exits Browns Investments Empty Re: Founder shareholder Shanker exits Browns Investments

Mon Aug 25, 2014 7:29 am
May be a good news for BRWN. Somasundaram was in selling mode in BIL while collecting BRWN even at 320 level during 2010-2011. He remains silent for many years in Brwns. Let c how he improve Brwn.
stocks hunter
stocks hunter
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Top contributor
Posts : 1280
Join date : 2014-03-16

Founder shareholder Shanker exits Browns Investments Empty Re: Founder shareholder Shanker exits Browns Investments

Mon Aug 25, 2014 7:54 am
Yes jana1 I think one broker firm has already started collecting BRWN. That may be the reason then. However BRWN is in a mess right now.
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