The Investor Sentiment - Equity and investments forum for Sri Lankans



Join the forum, it's quick and easy

The Investor Sentiment - Equity and investments forum for Sri Lankans

The Investor Sentiment - Equity and investments forum for Sri Lankans

Would you like to react to this message? Create an account in a few clicks or log in to continue.
The Investor Sentiment - Equity and investments forum for Sri Lankans

The Lankan Investor Forum - A more respectable and reasonable place for members to discuss matters regarding the CSEThe Lankan Investor Forum - A more respectable and reasonable place for members to discuss matters regarding the CSE

Please send an email to contact.lankaninvestor@gmail.com if you face any technical difficulties when posting

Latest topics

» CIFC Dumps to Expand Your Possibilities to Pass Your Exam
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptyFri Jul 19, 2024 10:30 am by faithhharris

» CCS.N0000 ( Ceylon Cold Stores)
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptyWed Mar 20, 2024 11:31 am by Hawk Eye

» Sri Lanka plans to allow tourists from August, no mandatory quarantine
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptyWed Sep 13, 2023 12:16 pm by lauryfriese

» When Will It Be Safe To Invest In The Stock Market Again?
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptyWed Apr 19, 2023 6:41 am by කිත්සිරි ද සිල්වා

» Dividend Announcements
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptyWed Apr 12, 2023 5:41 pm by කිත්සිරි ද සිල්වා

» MAINTENANCE NOTICE / නඩත්තු දැනුම්දීම
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptyThu Apr 06, 2023 3:18 pm by කිත්සිරි ද සිල්වා

» ඩොලර් මිලියනයක මුදල් සම්මානයක් සහ “ෆීල්ඩ්ස් පදක්කම” පිළිගැනීම ප්‍රතික්ෂේප කළ ගණිතඥයා
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptySun Apr 02, 2023 7:28 am by කිත්සිරි ද සිල්වා

» SEYB.N0000 (Seylan Bank PLC)
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptyThu Mar 30, 2023 9:25 am by yellow knife

» Here's what blind prophet Baba Vanga predicted for 2016 and beyond: It's not good
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptyThu Mar 30, 2023 9:25 am by HaeroMaero

» The Korean Way !
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptyWed Mar 29, 2023 7:09 am by කිත්සිරි ද සිල්වා

» In the Meantime Within Our Shores!
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptyMon Mar 27, 2023 5:51 pm by කිත්සිරි ද සිල්වා

» What is Known as Dementia?
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptyFri Mar 24, 2023 10:09 am by කිත්සිරි ද සිල්වා

» SRI LANKA TELECOM PLC (SLTL.N0000)
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptyMon Mar 20, 2023 5:18 pm by කිත්සිරි ද සිල්වා

» THE LANKA HOSPITALS CORPORATION PLC (LHCL.N0000)
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptyMon Mar 20, 2023 5:10 pm by කිත්සිරි ද සිල්වා

» Equinox ( වසන්ත විෂුවය ) !
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptyMon Mar 20, 2023 4:28 pm by කිත්සිරි ද සිල්වා

» COMB.N0000 (Commercial Bank of Ceylon PLC)
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptySun Mar 19, 2023 4:11 pm by කිත්සිරි ද සිල්වා

» REXP.N0000 (Richard Pieris Exports PLC)
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptySun Mar 19, 2023 4:02 pm by කිත්සිරි ද සිල්වා

» RICH.N0000 (Richard Pieris and Company PLC)
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptySun Mar 19, 2023 3:53 pm by කිත්සිරි ද සිල්වා

» Do You Have Computer Vision Syndrome?
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptySat Mar 18, 2023 7:36 am by කිත්සිරි ද සිල්වා

» LAXAPANA BATTERIES PLC (LITE.N0000)
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptyThu Mar 16, 2023 11:23 am by කිත්සිරි ද සිල්වා

» What a Bank Run ?
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptyWed Mar 15, 2023 5:33 pm by කිත්සිරි ද සිල්වා

» 104 Technical trading experiments by HUNTER
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptyWed Mar 15, 2023 4:27 pm by katesmith1304

» GLAS.N0000 (Piramal Glass Ceylon PLC)
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptyWed Mar 15, 2023 7:45 am by කිත්සිරි ද සිල්වා

» Cboe Volatility Index
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptyTue Mar 14, 2023 5:32 pm by කිත්සිරි ද සිල්වා

» AHPL.N0000
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptySun Mar 12, 2023 4:46 pm by කිත්සිරි ද සිල්වා

» TJL.N0000 (Tee Jey Lanka PLC.)
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptySun Mar 12, 2023 4:43 pm by කිත්සිරි ද සිල්වා

» CTBL.N0000 ( CEYLON TEA BROKERS PLC)
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptySun Mar 12, 2023 4:41 pm by කිත්සිරි ද සිල්වා

» COMMERCIAL DEVELOPMENT COMPANY PLC (COMD. N.0000))
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptyFri Mar 10, 2023 4:43 pm by yellow knife

» Bitcoin and Cryptocurrency
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptyFri Mar 10, 2023 1:47 pm by කිත්සිරි ද සිල්වා

» CSD.N0000 (Seylan Developments PLC)
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptyFri Mar 10, 2023 10:38 am by yellow knife

» PLC.N0000 (People's Leasing and Finance PLC)
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptyThu Mar 09, 2023 8:02 am by කිත්සිරි ද සිල්වා

» Bakery Products ?
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptyWed Mar 08, 2023 5:30 pm by කිත්සිරි ද සිල්වා

» NTB.N0000 (Nations Trust Bank PLC)
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptySun Mar 05, 2023 7:24 am by කිත්සිරි ද සිල්වා

» Going South
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptySat Mar 04, 2023 10:47 am by කිත්සිරි ද සිල්වා

» When Seagulls Follow the Trawler
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptyThu Mar 02, 2023 10:22 am by කිත්සිරි ද සිල්වා

» Re-activating
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptySat Feb 25, 2023 5:12 pm by කිත්සිරි ද සිල්වා

» අපි තමයි හොඳටම කරේ !
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptyTue Feb 14, 2023 3:54 pm by ruwan326

» මේ අර් බුධය කිසිසේත්ම මා විසින් නිර්මාණය කල එකක් නොවේ
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptyTue Jan 03, 2023 6:43 pm by ruwan326

» SAMP.N0000 (Sampath Bank PLC)
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptyWed Nov 30, 2022 8:24 am by කිත්සිරි ද සිල්වා

» APLA.N0000 (ACL Plastics PLC)
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptyFri Nov 18, 2022 7:49 am by කිත්සිරි ද සිල්වා

» AVOID FALLING INTO ALLURING WEEKEND FAMILY PACKAGES.
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptyWed Nov 16, 2022 9:28 pm by කිත්සිරි ද සිල්වා

» Banks, Finance & Insurance Sector Chart
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptyTue Nov 15, 2022 5:26 pm by කිත්සිරි ද සිල්වා

» VPEL.N0000 (Vallibel Power Erathna PLC)
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptySun Nov 13, 2022 12:15 pm by කිත්සිරි ද සිල්වා

» DEADLY COCKTAIL OF ISLAND MENTALITY AND PARANOID PERSONALITY DISORDER MIX.
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptyMon Nov 07, 2022 6:36 pm by කිත්සිරි ද සිල්වා

» WATA - Watawala
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptySat Nov 05, 2022 8:44 am by කිත්සිරි ද සිල්වා

» KFP.N0000(Keels Food Products PLC)
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptySat Nov 05, 2022 8:42 am by කිත්සිරි ද සිල්වා

» Capital Trust Broker in difficulty?
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptyFri Oct 21, 2022 5:25 pm by කිත්සිරි ද සිල්වා

» IS PIRATING INTELLECTUAL PROPERTY A BOON OR BANE?
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptyThu Oct 20, 2022 10:13 am by කිත්සිරි ද සිල්වා

» What Industry Would You Choose to Focus?
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptyTue Oct 11, 2022 6:39 pm by කිත්සිරි ද සිල්වා

» Should I Stick Around, or Should I Follow Others' Lead?
Sri Lanka's ETI Finance plans to raise Rs2.8bn EmptyTue Oct 11, 2022 9:07 am by කිත්සිරි ද සිල්වා

Disclaimer


Information posted in this forum are entirely of the respective members' personal views. The views posted on this open online forum of contributors do not constitute a recommendation buy or sell. The site nor the connected parties will be responsible for the posts posted on the forum and will take best possible action to remove any unlawful or inappropriate posts.
All rights to articles of value authored by members posted on the forum belong to the respective authors. Re-using without the consent of the authors is prohibited. Due credit with links to original source should be given when quoting content from the forum.
This is an educational portal and not one that gives recommendations. Please obtain investment advises from a Registered Investment Advisor through a stock broker

2 posters

    Sri Lanka's ETI Finance plans to raise Rs2.8bn

    Backstage
    Backstage
    Top contributor
    Top contributor


    Posts : 3803
    Join date : 2014-02-24

    Sri Lanka's ETI Finance plans to raise Rs2.8bn Empty Sri Lanka's ETI Finance plans to raise Rs2.8bn

    Post by Backstage Wed Jun 10, 2015 7:27 pm

    Sri Lanka's ETI Finance plans to raise Rs2.8bn from property sales
    Jun 04, 2015


    COLOMBO (EconomyNext) - Sri Lanka's ETI Finance Limited, an unlisted finance company, will get a 2.8 billion rupees in cash where its land holdings will be sold to a related company, which is raising debt.

    ETI Finance no longer has a public rating. According to documents filed on the Colombo Stock Exchange it is now controlled by EAP Holdings.

    A number of EAP Edirisinghe group companies are now directly controlled by ETI Finance Limited including Swarnamahal Jewellers Ltd (100 percent), Hotel Sapphire (Pvt) Ltd (100 percent), Hotel Concord (Pvt) Ltd (90 percent) and Swarnamahal Financial Services Plc (90 percent) which is listed.

    Swarnamahal Jewellers Limited in turn owns 81 percent of EAP Films and Theatres with ETI Finance directly holding the balance 19 percent. EAP Films owns 100 percent of EAP Broadcasting Company, which runs television stations.

    EAP Broadcasting owns Colombo Communications, which runs radio stations and Galalzy Landmarks Limited, a newly set up property company.

    EAP Broadcasting plans to raise 3.0 billion rupees through 4 and 5 year pulbic listed debt paying 10.50 percent (annual coupon) and 11.00 percent (quarterly), which will be invested in Galaxy Landmark as equity (one billion rupees) and an intercompany loan (2.0 billion).

    The loan which will carry a 12.0 percent interest rate will be settled with interest after the sale of the building at the end of 7-years.

    Galaxy will pay 2,844 million rupees for a series of properties owned by ETI Finance effectively getting liquidity.

    Galaxy will in turn pay 925 million rupees for a 109 perch Galle Road property housing Swarnamahal Jewellers and broadcasting complex, 200 million for a property where Impala Cinema is located, 600 million for a property in Wellawatte where Roxy Cinema is located.

    It will also pay 115 million rupees for a Borella property where EAP Restaurant is located and 290 million rupees for Hotel Concord property in Dehiwala.

    In addition Galaxy will also buy Cinexpo Cinema property in Kurunegala for 250 million rupees and a Cotta Road, Borella property for 214 million rupees.

    The deals with inject 2.8 billion rupees to ETI Finance.

    EAP Group is now chaired by Mano Tittawella, who analysts say engineered the re-structure of People's Bank, which had negative net assets and non-performing loans, when he headed the Public Enterprise Reform Commission in the late 1990s.

    Tittawella is also the Deputy Chairman of EAP Broadcasting Company.



    1 Comments


    Cassandra-Vincent
    June 04, 05:44 AM

    SEC restricts Lanka Rating Agency Chairman of which is on EAP Broadcasting director board from issuing new ratings with effect from 25 March 2015. Its BBB rating for this debt issue is questionable. Prospectus has no financial details about ETI Finance. ETI and sister company Swarnamahal Financial Services have no public ratings either.

    First Guy
    First Guy


    Posts : 2599
    Join date : 2014-02-22

    Sri Lanka's ETI Finance plans to raise Rs2.8bn Empty Re: Sri Lanka's ETI Finance plans to raise Rs2.8bn

    Post by First Guy Thu Jun 11, 2015 7:34 am

    What do you think about this group? EAP Broadcasting may also get listed in future.

    As for the debt, the accounts have an unqualified opinion from the auditors.

    Debt issue has been deferred now due to conflict of interest between the company and the rating agency

      Current date/time is Mon Oct 07, 2024 4:50 pm