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NEWS ARCHIVE

Wednesday, 22 June 2016 - Daily News

Adam Investments proposes sub division

Adam Investments PLC at a meeting of Board Directors of the company have resolved to recommend to shareholders that ordinary shares of the company in issue be increased by way of a subdivision whereby one ordinary share will be subdivided into two ordinary shares.


On this basis the Four Hundred Forty Nine Million Two Hundred Seventy Six Thousand Two Hundred (449,276,200) Ordinary shares in issue as at date will be increased to Eight Hundred Ninety Eight Million Five Hundred Fifty Two Thousand Four Hundred (898,552,400) Ordinary shares.As a result of the recommended subdivision there will be no change in the stated capital of the company.


The proposed subdivision, will be subject to shareholder approval at a shareholder meeting at the next Annual General Meeting and the dates will be informed later.


Source»

Friday, 10 June 2016 - Daily News

Adam Investments awards scholarship to achievers

Adam Investments PLC, in celebration of completing two year of listing on the Colombo Stock Exchange, the group awarded 23 scholarships to selected young achievers from different rural areas of Sri Lanka.


The scholars were selected on the basis of academic merit, aptitude for learning and economic need over schools nationwide. The Scholarship Program was designed to empower and encourage outstanding students to pursue careers in preferable fields.


The event was graced by Ajita Mahes Pasqual, Group Chairman, Dr. Larry Adams, Group CEO and Danushya Gulamhusein, Group Executive Director.


Adam Investments PLC (AINV.N0000) is an investment holding company, listed on the Colombo Stock Exchange, focusing on key growth industries that play a pivotal role in the country’s economy.


The company holds shares in public quoted companies as well as privately held companies operating in various industries such as Information Technology, Automobile, FMCG, Activated Carbon, Micro Finance,Manufacturing and Distribution of consumer electronics sectors


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Tuesday, 10 May 2016 - Daily FT

Adam Carbons signs JV with Korean firm for rice husk carbonisation

Adam Carbons Ltd. has signed a Memorandum of Understanding with Kooks E&C Ltd., Seoul Republic of South Korea, for the purpose of a joint venture for rice husk carbonisation on 6 May.


Kooks E&C Ltd. is a diversified group of companies based in Seoul Republic of South Korea and a manufacturer of electrical motors and generators and a wholesaler of non-specialised goods of food and agriculture, chemicals and energy.


This venture permits Adam Carbons to diversify its product range into high value-added products with a strong export market.


Source»

Friday, 27 May 2016 - Daily FT

Netcom re-launches two showrooms in one day

Network Communications Ltd. re-launched two showrooms on 24 May, at 1st Floor, Liberty Plaza and Ground Floor, Unity Plaza. The two showrooms were revamped to create greater focus and to cater for the fast evolving technology demands of electronic consumers in Sri Lanka.


The Unity Plaza showroom has been designed to enhance customer experience for home electronics and Information Technology products. The Liberty Plaza showroom has been conveniently located to cater to the demand for consumer needs for mobile phones and mobile phone accessories.


Network Communications has a wide range of products in home appliances and IT products such as Adam LED TVs, rice cookers, Blue Ray DVD Players, EAST UPS, System X Computers, and Ultra Sonic Monitors etc. and a range of leading mobile phones of brands and accessories.


Network Communications Ltd. is a member of the diversified Adam Investments PLC Group.


Source»

Tuesday, 16 February 2016 - Daily News

PCHH Improves Financial Performance

Adam Capital PLC, formerly known as PC House Holdings PLC, disclosed a quarterly profit of 1.3 Million, which is an increase of 109% over the last quarter. Its net asset value has also increased to Rs. 2.20 per share which is also an increase over the previous quarter.


Chairman of Adam Capital PLC, Ajita Pasqual has stated in his letter to shareholders "I'm glad to inform you that PCHH (Adam Capital PLC) has recorded a profit of Rs. 1.3 million for the quarter ended 31st December 2015 and its net asset value (NAV) has increased to Rs. 2.20 per share ensuring the investor community that the company is now in the right hands. PCHH is the 100% owner of Adam Carbons (Pvt) Ltd (Former Bieco Link Carbons) and Adam Capital Micro Credit (Pvt) Ltd.


Adam Carbons manufactures a diverse range of granular Activated Carbon to many overseas destinations including USA, Taiwan and South Africa. Over the period in review the company has steadily increased its production capacity and has successfully built a strong order book ensuring a long term sustainable growth of our business.


Adam Capital Micro Credit offers Sharia compliant lending facilities to the members of the under-served communities in the urban and the semi-urban areas. During the period under review the company has strengthen its lending portfolio and maintained a strong recovery ratio.


Source»

Tuesday, 16 February 2016 - Daily FT

PCHH returns to profitability in 3Q

Adam Capital PLC, formerly known as PC House Holdings PLC, disclosed a quarterly profit of Rs. 1.3 million, which is an increase of 109% over the last quarter. Its net asset value has also increased to Rs. 2.20 per share which is also an increase over the previous quarter.


Adam Capital PLC Chairman Ajita Pasqual has stated in his letter to shareholders: “I’m glad to inform you that PCHH (Adam Capital PLC) has recorded a profit of Rs. 1.3 million for the quarter ended BUP_DFTDFT-3-AJITH31st December 2015 and its net asset value (NAV) has increased to Rs. 2.20 per share ensuring the investor community that the company is now in the right hands.” PCHH is the 100% owner of Adam Carbons Ltd. (formerly Bieco Link Carbons) and Adam Capital Micro Credit Ltd.


“Adam Carbons manufactures a diverse range of granular activated carbon to many overseas destinations including USA, Taiwan and South Africa. Over the period in review the company has steadily increased its production capacity and has successfully built a strong order book ensuring a long-term sustainable growth of our business.


“Adam Capital Micro Credit offers Sharia compliant lending facilities to the members of the under-served communities in the urban and the semi-urban areas. During the period under review the company has strengthen its lending portfolio and maintained a strong recovery ratio.”


Source»

Wednesday, 02 December 2015 - Daily News

Adam Capital to launch two projects for Rs. 1bn

Adam Carbons (Pvt) Ltd has initiated discussions to operate a Renewable Energy based Electrical Power Generation unit.


The company hopes to generate an exportable capacity to the national grid of 3.4 Gwh electrical units per annum (approx installed capacity of 440 Kw). This project would eliminate pollution from the char-coaling process along with the renewable power generation should enable Adam Carbons to successfully register and trade in Carbon Credits under the guidelines of the Kyoto Protocol.


In addition Adam Carbons (Pvt) Ltd has initiated discussions to capture carbon dioxide (CO2), processed on site and refine it into food grade purity.


This would enable Adam Carbons (Pvt) Ltd to earn valuable non-core product income to its profitability. The project would be located at the Adam Carbon Factory site at Giriulla and this project would eliminate the deposition of effluent waste gases into the atmosphere.


Adam Carbons (Pvt) Ltd is a fully owned subsidiary of Adam Capital PLC. The total investment for the two projects would be in the excess of Rs. 1 billion.


Source»

Wednesday, 02 December 2015 - Daily FT

Adam Capital announces two major initiatives

Adam Capital Plc, part of Adam Investments Plc, has announced two major initiatives aimed at bolstering its business and future prospects.


In separate announcements to the Colombo Stock Exchange, Adam Capital said its subsidiary Adam Carbons Ltd has initiated discussions to operate a Renewable Energy based Electrical Power Generation unit.


It is estimated that this would generate an exportable capacity to the national grid of 3.4 Gwh electrical units per annum (approx installed capacity of 440 Kw). This project would eliminate pollution from the charcoaling process along with the renewable power generation should enable Adam Carbons to successfully register and trade in Carbon Credits under the guidelines of the Kyoto Protocol.


Adam Carbons has also initiated a Carbon Dioxide Production Process through the use of Bi-Products of Activated Carbon manufacturing. “We wish to inform you that Adam Carbons (Pvt) Ltd has initiated discussions to capture carbon dioxide (CO2), processed on site and refine it into food grade purity,” Adam Capital’s filing to the CSE said.


“This would enable Adam Carbons (Pvt) Ltd to earn valuable non-core product income to its profitability. The project would be located at the Adam Carbon Factory site at Giriulla and this project would eliminate the deposition of effluent waste gases into the atmosphere,” the company added.


Source»

Tuesday, 01 December 2015 - Daily FT

Adam Investments to consolidate Adam Capital results

Adam Investments Plc said yesterday that it will be consolidating financials of Adam Capital Plc from the current quarter onwards.


Adam Capital Plc has been a subsidiary of Adam Investments but the former wasn’t consolidated due to non-availability of financial of the former. The upcoming consolidation follows Adam Capital whose Chairman is Ajita Pasqual, releasing its 2014/15 Annual Report and interim financials up to 30 September 2015.


Adam Capital has also been transferred from the Default Board with effect from 1 December 2015.


The delay was due to the non-availability of financial information pertaining to the period when the company was under the previous management. In the first six months ended 30 September, 2015, Adam Capital’s pre-tax loss was Rs. 26 million, substantially down from Rs. 321 million. The Company has revalued property, plant and equipment leading to a reporting of Rs. 223 million surplus.

At Company level Adam Capital has reported a Rs. 0.7 million profit in the first six months as against a loss of Rs. 68 million a year earlier.


Adam Investments and related parties own nearly 60% stake in Adam Capital.


Source»

Monday, 21 September 2015 - Daily FT

Adam Carbons inaugurates first export under new management

Adam Carbons Ltd., formerly Bieco Link Carbons Ltd., a fully-owned subsidiary of Adam Capital Plc (PCHH.n) inaugurated its first international export under the new management of Adam Investments Plc (AINV.N).


The first shipment of high-grade value-added activated carbon to a reputed East Asian buyer was sent off on 18 September at an auspicious time in a ceremony held at the company’s 12-acre factory in Giriulla, in the presence of the company’s senior management and staff.


Chairman of Adam Investments Plc and Adam Capital Plc Ajita Pasqual said: “This first export shipment is a testament to the hard work and dedication of the senior management – Mr. Jayantha Fernando, Mr. Niranjan Senevirathne and Mr. Prasad Ariyarathne and the staff of the group in successfully turning around a once defunct factory which had been non-operational for 12 months; bringing in valuable foreign currency earnings to our country. I also offer special thanks to our bankers DFCC Vardhana Bank for their unwavering support to the company through this transition which helped revive this once thriving factory to its former glory.”


A spokesman for the factory also went on to say that at present the company was building a strong export order book and was gearing up for the second phase of its renovation of the 12-acre factory which would result in a steep increase in production output.


Source»

Monday, 14 September 2015 - Daily FT

Adam Capital Micro Credit signs MOU as insurance facilitator with Amana Takaful Life

Adam Capital Micro Credit Ltd., a Sharia compliant company and wholly owned subsidiary of Adam Capital PLC (formerly PCH Holdings PLC) entered in to an agreement with the leading Islamic insurance provider Amana Takaful Life Ltd., to promote their products, playing a facilitator role on a fee sharing basis. Adam Capital Micro Credit business has grown steadily since commencing operations on 29 July, under the patronage of Minister of Finance Ravi Karunanayake and expects to generate steady additional fee based income by this arrangement.


The Micro Credit team is headed by Abdul Wahab Abdulkany, a professional with vast experience in Micro Credit and Ajita Pasqual, a former senior banker providing guidance as Chairman. The plan is to serve the underserved community within a radius of 15 km from the office located at 264, Grandpass Road, Colombo 14, assisting them to uplift their living standards.


Source»

Monday, 14 September 2015 - Daily News

Adam Capital Micro Credit signs MOU with Amana Takaful Life

Adam Capital Micro Credit (Pvt) Ltd, a Sharia compliant company and wholly owned subsidiary of Adam Capital PLC ( Formerly PCH Holdings PLC) entered in to an agreement with the leading Islamic Insurance provider, Amana Takaful Life Limited to promote their products, playing a facilitator role on a fee sharing basis.


Adam Capital Micro Credit business has grown steadily since commencing operations in July 2015, under the patronage of the Minister of Finance, Ravi Karunanayake and expects to generate steady additional fee based income by this arrangement.


Micro Credit team is headed by Abdul Wahab Abdulkany, and professional with vast experience in Micro Credit and Ajita Pasqual, a former senior banker provides guidance as Chairman.


The plan is to serve the underserved community within a radius of 15km from the office located at Grandpass Road, Colombo 14, assisting them to up lift their living standards.


Source»

Wednesday, 29 July 2015 - The Island

Adam Capital launches Sharia compliant lending up to Rs. 2.5mn

by Sanath Nanayakkare


Adam Capital Micro Credit (Pvt) Ltd.launched operations yesterday at 264, Grandpass Road Colombo with the participation of Finance Minister Ravi Karunanayake as chief guest. Adam Capital will offer Sharia compliant lending facilities for all communities in the country, irrespective of any religious considerations or gender discrimination.


Adam Capital offers Sharia compliant lending and leasing facilities up to Rs. 2.5 million.


The company focuses on providing micro credit facilities to the members of the under-served communities in the urban and the semi-urban areas initially, and will extend its operations throughout the island in the next phase.


Finance Minister Ravi Karunanayake speaking at the launch said,"Adam Capital’s micro credit scheme is in line with the government’s priority in creating an enabling environment for entrepreneurs at the grassroots to obtain small-business loans.


Innocent small scale entrepreneurs who obtain loans ranging from Rs. 500,000-800,000 have to pay the biggest interest. Some pay an annual interest around 54% for micro-credit facilities. So, the government has decided to lower the penal rate in order to transfer its advantage to those who obtain micro credit facilities. I hope Adam Capital will offer the best interest rates to its customers and achieve its success through that offer."


Speaking at the event Ajita Pasqual-chairman, Adam Capital Micro Credit Pvt Ltd. said,"Our target customer base is the members of underserved communities involved in any kind of income generating activities and any other entrepreneurs below the SME level."


Adam Capital Micro Credit (Pvt) Ltd., is a member of the diversified Adam Investments PLC Group.


Source»

Friday, 19 June 2015 - Daily News

Adam Carbon reignites Bieco Link Kilns in Giriulla

Bieco Link's activated carbon factory, renamed Adam Carbons (Pvt) Ltd., after Adam Investments PLC bought out previous owners PCHH PLC, commences production after a brief period of inactivity, the company announced at a media conference held at the Giriulla factory premises on June 18, 2015.


The opening and re-commissioning of its activated carbon factory, was graced and honoured by the presence and participation of the Minister of Finance, Ravi Karunanayake.


The factory, once Sri Lanka's second biggest exporter of activated carbon has seen its fortunes revive since Adam Investments PLC became the majority shareholder of its parent company PCHH PLC (now Adam Capital PLC) in November 2014.


Adam Carbons (Pvt) Ltd. strives to surpass its earlier position as the powerhouse of industry in the North Western Province providing employment and earning vital foreign exchange for Sri Lanka.


Infused with new capital, the new owners have re-equipped the plant, appointed new management, and repaired buildings and premises in a refurbishment spanning 6 months.


Giriulla is situated in the heart of the coconut triangle and its inhabitants supply the factory with coconut husks used in the production of activated carbon.


“Giriulla town and residents depended on the factory for employment and income,” said Chaminda Banduthilake, Managing Director of Adam Capital PLC. The period of inactivity had affected the local economy and had negative impact on the town. “With the reopening, the economy and inhabitants of Giriulla once again stand to benefit from our operations,” Banduthilake added.


Poised to impact local activated carbon production. Adam Carbons (Pvt) Ltd., enjoys an advantageous location in the coconut belt with raw material suppliers readily available in the area. An urgent campaign sparking worldwide interest yielded orders from overseas buyers spanning three months’ production.


Only factory to possess rotary and flatbed kilns Adam Carbons (Pvt) can supply demand for both granular and powdered activated carbon, with anticipated production six thousand metric tons annually.


From 1989 until it shut-down in 2014, the factory was Sri Lanka's only manufacturer of coconut shell activated carbon in both forms using vertical and rotary kiln technologies in steam activation process. Activated carbon is used as a purification agent in water treatment and air purification, as well as in the gold refining, petroleum and chemicals industries.


Any carbonaceous materials can be used as a raw material to manufacture activate carbon, such as coconut shells, peat, wood, or coal. Sri Lanka's six activated carbon manufacturers prefer coconut shell charcoal for its ready availability in the island.


Source»

Friday, 19 June 2015 - Daily News

Adam Capital incorporates subsidiary for Micro Credit

Sri Lanka’s Adam Capital has incorporated their micro credit business under the name of Adam Capital Micro Credit private limited to explore the micro Finance sector in the island.“Central Bank approval is not required as the Microfinance Act has not been passed in Parliament.” the company said in a stock exchange filing. The new business is a wholly owned subsidiary of Adam Capital PLC. The long awaited Micro Finance Act has already been drafted and expecting public proposals.


Meanwhile the Bourse managed to wrap up in the green territory yesterday, with the Benchmark Index gaining 14.44 points or +0.20% to close at 7064.15. The Blue chip Index also did carry on the momentum today with the index gaining 9.57 points or +0.24% to close at 3924.33.


John Keells Holdings PLC which witnessed price gains of +1.64% to close at Rs 198.20 along with other price gains in counters such as NEST.N (Rs 2030.00, +1.49%), SLTL.N (Rs 46.00, +1.10%), LFIN.N (Rs 22.30, +5.59%) and AEL.N (Rs 23.30, +2.19%), mainly triggered the advancement in the Core Index.


Banking, Financing and Insurance Sector managed to record the highest turnover of c. Rs 258.3mn for the day, followed by the the Hotels and Travels Sector and the Investments Sector with daily turnovers of Rs 64.6mn and Rs 64.2mn respectively.


The day saw turnover decrease by 73.5% to Rs 566mn compared to the last trading day.


Year to date ASPI Performance accounted to -3.9% while Blue Chip Index also projected a decline of -4.5% since this year’s beginning.


Shares of 234 companies were traded today. Of these, 66 companies declined while 82 closed higher.Net foreign inflow for the day accounted to Rs 1mn.


Source»

Thursday, 04 June 2015 - Daily News

Adam Investments donates Rs one million to President's kidney relief fund

Adam Investments PLC Chairman Dr. Ali Asger Shabbir Gulamhusein and Director Danushya Madiwake Gulamhusein donated Rs. 1,000,000 to the President's kidney relief fund at a function held in Polonnaruwa.


The fund is intended to help all those suffering from the kidney blight which is plaguing North Central Sri Lanka.


The function held in Polonnaruwa, one of the main epicentres of the kidney blight, was graced by President Maithripala Sirisena who received the donation, Minister of Finance, Ravi Karunanayake, Provincial Councillor, Azath Salley, Chairman, National Savings Bank, Chairman HDFC Bank, Deputy Minister of Tourism and Sports, Vasantha Senanayake, Polonnaruwa District Chief Minister, Peshala Jayarathne and many other dignitaries graced the occasion.


A spokesperson for the company said, "Adam Investments is passionate about its commitment to our country and its people and this philosophy is spearheaded throughout our group by the chairman and the directors who take this commitment to heart".


Source»

Wednesday, 03 June 2015 - Daily FT

Adam Investments donates Rs. 1 m to President’s Kidney Relief Fund


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President Maithripala Sirisena and Finance Minister Ravi Karunanayake in conversation as Adam Investments Chairman Dr. Ali Asger Shabbir Gulamhusein and Director Danushya Madiwake Gulamhusein look on

Adam Investments PLC Chairman Dr. Ali Asger Shabbir Gulamhusein and Director Danushya Madiwake Gulamhusein donated Rs. 1 million to the President’s Kidney Relief Fund at a function held in Polonnaruwa.


The fund is intended to help all those suffering from the kidney blight which is plaguing central Sri Lanka.


The function held in Polonnaruwa, one of the main epicentres of the kidney blight, was attended by President Maithripala Sirisena who received the donation, Finance Minister Ravi Karunanayake, Ministry of Finance Secretary MP Azath Saley, National Savings Bank Chairman, HDFC Bank Chairman, Deputy Minister of Tourism and Sports Vasantha Senanayake, Polonnaruwa District MP Peshala Jayarathne and many other dignitaries.


A spokesperson for the company said: “Adam Investments is passionate about its commitment to our country and its people and this philosophy is spearheaded throughout our Group by the Chairman and the Directors who take this commitment to heart.


Source»

Tuesday, 28 April 2015 - Daily FT

Ajita Pasqual appointed PCH Holdings Chairman

PCH Holdings PLC appointed three new Directors onto its Board on 24 April: Ajita Mahes Pasqual as Executive Chairman, Deshabandu Dr. Ali Gulamhusein as Executive Director, and Dinesh Renganathan as Non-Executive Director. “As recognised figures of the financial sector, both Pasqual and Renganathan can benefit PCH Holdings with their expertise and insight,” a company spokesperson stated. The Board of Directors amended the Articles of Association to increase the maximum number of directors from seven to 10, to allow for a greater diversity of professionals on the board. Pasqual has 31 years of experience in the banking sector with over 22 years in senior MANAGEMENT positions with HSBC in corporate banking, trade FINANCE and treasury. He held the positions of Director, General MANAGER, and CEO in Seylan Bank PLC from January 2004 to December 2012. Renganathan is a career banker with over 40 years of experience, including 25 years of MANAGEMENT experience with one of the top 25 banks in the world, the National Bank of Abu Dhabi. Whilst being retired, he continues to be retained by the bank in a consultative capacity. Dr. Gulamhusein is the Chairman of Adam INVESTMENTS PLC, the holding company of PCH Holdings PLC. He holds a PhD from Tokyo, Japan and a Degree from King’s College London, UK. In a further disclosure, PCHH stated that the company, under the existing provisions of the Central Bank, has resolved to incorporate a fully-owned subsidiary for the purpose of operating a micro finance business in Sri Lanka. The company has also resolved to act as a placement agent for foreign funds, looking to INVEST in the Sri Lankan Government and corporate debt market.


Source»

Monday, 27 April 2015 - Times Online

PCH Holdings PLC appoints new Chairman and Directors

PCH Holdings PLC last week appointed three new directors to the board: – Ajita Mahes Pasqual as Executive Chairman, Dr. Ali Gulamhusein as Executive Director and Dinesh Renganathan as Non-Executive Director.


“As recognized figures of the financial sector, both Mr. Pasqual and Mr. Renganathan can benefit PCH Holdings with their expertise and insight,” a company spokesperson said. The Board of Directors amended the Articles of Association to increase the maximum number of directors from 7 to 10, to allow for a greater diversity of professionals on the board.


Source»

Monday, 27 April 2015 - Ada Derana

New changes at PCH Holdings

Dr. Ali Asger Shabbir Gulamhusein and Ajita Mahesh Pasqual have been appointed Executive Directors of PCH Hildings PLC while Dinesh P. Renganathan has been appointed an Independent Non Executive Director with immediate effect.


Meanwgile, Dr. Lawrence Fritsgerald Adams has resigned as Chairman also with immediate effect but would remain as an Executive Director while Ajita Mahesh Pasqual has been appointed Chairman of PCH Holdings PLC.


PCH-Prof
Source»

Thursday, 12 March 2015 - Daily FT

Orient Garments opposes winding up move by Dr. Senthilverl

Orient Garments Plc has opposed the winding up move by shareholder Dr. T. Senthilverl giving a host of reasons including it would jeopardise interest of many stakeholders. OGL made this observation in a filing to the CSE, with reference to the Winding Up application filed by Dr. T. Senthilverl in the Commercial High Court.


Orient…


It said that the petition was formally served on Orient Garments PLC on 3rd March 2015, and OGL has taken immediate steps to oppose the winding up by filing, on 4th March 2015 itself, an Affidavit in Opposition in terms of the Company Winding Up Rules.


In the Affidavit in Opposition the Company has disclosed to Court, inter alia the following matters in relation to the Winding Up application; That the attempts to wind up OGL is contrary to the interests of its shareholders, creditors and employees, and motivated solely by the Petitioner’s own personal agenda; That OGL’s performance under its new management has vastly improved, and that despite the Petitioner having been a shareholder of OGL from the time of the previous management, he took no steps to wind up the Company at such stage; that OGL is now in a sound financial state, and that the future income of the Company is secured, with its Order Book being filled to capacity until at least 30th June 2015 and with it having Orders valued at approximately US$ 5,207,291.98 in hand up to 30th June 2015 that for the month of March 2015 alone, the FOB value of the Orders amount to US$ 2,322,438.16; that the basis of the petition is baseless and that the same was filed for the Petitioner’s own extraneous reasons; that the new management of OGL has facilitated a substantial improvement in the quality of the operations and the machinery utilized; that OGL is very much a going concern and in any event is solvent and able to make payment of its legitimate debts as and when they fall due; that the basis upon which the Petitioner has initiated the said Winding Up application is fundamentally flawed and misconceived.


The case is next scheduled to be called on 04th June 2015.

Source»

Wednesday, 11 March 2015 - Daily FT

PCHH to rebrand as Adam Capital Plc

Consequent to the takeover of PCH Holdings Plc by Adam Investments Plc, the new Board of Directors has resolved to change the name of the company from PCH Holdings Plc to Adam Capital Plc as the company is now a part of the ‘Adam Investment Group of Companies’.


The Registrar of Companies, through a letter dated 25 February 2015 has accordingly granted approval for the name change of PCH Holdings Plc to Adam Capital Plc.,Furthermore, the Board of Directors resolved that it was necessary to provide for an increase in the Directorate of the company by amending the Articles of Association to have the maximum number of Directors increased from seven to ten. This will enable the company to have diversity on the Board by bringing in professionals with various skills.


Accordingly, at an EGM scheduled for 31 March, the Directors are seeking the approval of shareholders to proceed with the name change to Adam Capital Plc and to amend the Articles of Association by increasing the number of Directors to 10.

Source»

Thursday, 26 February 2015 - Daily FT

Bieco Link rebrands as Adam Carbons

PCH Holdings PLC said yesterday it has renamed the fully-owned subsidiary Bieco Link Carbons Ltd.as ‘Adam Carbons Ltd.’ with effect from 18February.


While the name change may appear cosmetic, the choice of name certainly signposts the company’s plans for the future.


It is significant to note that Adam Investment Ltd., majority shareowner of parent PCHH Plc, has invested its own name in this subsidiary; unambiguously demonstrating that its commitment and interest in the fortunes and future of the subsidiary are neither short term nor light.


A world-class manufacturer of granular and powdered activated carbon since 1989, Adam Carbons Ltd. recently announced the refurbishment and upgrade of its factory prior to plannedrecommencement of production soon.


The only coconut shell activated carbon manufacturer in Sri Lanka using both vertical and rotary kiln technologies, in steam activation process, Adam Carbons Ltd. is located in Giriulla, in the North Western province ‘coconut belt’. The factory provides employment and subcontracting opportunities to the many in the neighborhood.


Giving reasons for name change, PCHHoldings Plc Director and Adam Carbons Ltd., Managing Director Chaminda Banduthilake said: “The Board of Directors and management of Adam Carbons strongly believe in the business and in developing a commanding presence in this sector. Particularly as it uses local raw materials, generates rural employment and earns valuable foreign exchange for the country. To Adam Investments, the activated carbon business is one of its key interests. We see great potential for future growth in this industry.”


The Board of Directors of Adam Carbons Ltd. comprises Dr. Larry Adams (Chairman), ChamindaBanduthilake (Managing Director), Dr. Ali Ashger Shabbir Gulamhusain, Dhanushya MediwakaGulamhusain, IdrisShabbir, D.P.Galabodage, I.Thayabally and Imran Zahir.

Source»

Thursday, 26 February 2015 - Daily News

Bieco turns Adam Carbons

Bieco Link Carbons (Pvt) Ltd, a fully owned subsidiary of PCH Holdings is renamed and branded as Adam Carbons (Pvt) Ltd from February 18.


Adam Carbons Ltd is a world class manufacturer of granular and powdered activated carbon since 1989 and the only coconut shell activated carbon manufacturer in Sri Lanka, which is using both vertical and rotary kiln technologies, in steam activation process.

Source»

Monday, 16 February 2015 - Daily News

BiecoLink to restart activated carbon production

In a corporate disclosure submitted to the Colombo Stock Exchange recently. PCH Holdings PLC stated that its subsidiary BiecoLink Carbons (Pvt) Ltd expects to be fully operational once its custom-built factory on a 12 acre freehold property in Giriulla is upgraded and refurbished shortly.


PCHH majority shareholder Adam Investments Ltd took control of BiecoLink Carbons (Pvt) Ltd in November 2014, launching a programme to revive the company and resume production.


"Giriulla town and residents depended on the factory for employment and income," said Chaminda Banduthilake, Managing Director of PCH Holdings PLC. Situated in the heart of the coconut triangle, the factory has the capacity to produce 500 MT of granular activated carbon per month for export.


"With the reopening, the economy and inhabitants of Giriulla once again stand to benefit from our operations, he noted. "The factory was once the 2nd largest exporter of activated carbon" stated Banduthilake, "We expect to not just restore it to its former glory, but exceed it in performance and profitability"


Activated carbon is used a purification agent in water treatment and air purification, as well as in the gold refining, petroleum and chemicals industry.


Any carbonaceous materials can be used as a raw material to manufacture activated carbon, such as coconut shells, peat, wood, or coal.


Sri Lanka's six activated carbon manufacturers prefer coconut shell charcoal for its ready availability in the island.


The vertical kilns produce activated carbon that is more efficient in gas absorption than that of rotary products.


By carrying out the carbonization in closed kilns, instead of the traditional open pit method, Bieco Link Carbons (Pvt) Ltd has taken steps to eliminate pollution and avoid contamination from other substances.

Source»

Monday, 16 February 2015 - Daily News

ADAM investments lends to Bieco

The Board of Directors of Adam Investments PLC, ratified the lending of Rs. 151.02 million to Bieco Link Carbons (Pvt) Ltd at an annual interest rate of 8% per annum on November 26, 2014. The re- payment is due on demand.


A Bieco Link Carbons (Pvt) is a fully owned subsidiary of PCH Holdings PLC which is a subsidiary of Adam Investments PLC.


The said funds were utilized for settlement of Bieco Link Carbons (Pvt) Ltd liabilities at DFCC Vardhana Bank, in full. Accordingly, assets of the company including property, plant and machinery are now free of any encumbrances.


As per the Interim Financial Statements as at 30th September 2014, Property, Plant and Equipment value of PCH Holdings Plc were stated as Rs. 22.8 million due to removal of Bieco Link Carbons (Pvt) Ltd from its books.


Subsequent to the acquisition by Adam Investments Plc and reinstatement of Bieco Link Carbons (Pvt) Ltd to PCH Holdings Plc, a fresh valuation had been carried out to ascertain the fixed asset value of Bieco Link Carbons (Pvt) Ltd.


Accordingly, the fixed assets of Bieco Link Carbons (Pvt) Ltd have been valued at Rs. 532.0 million by a qualified valuer and this value will be reconstituted to the assets of PCH Holdings PLC on 31st December 2014 financial statements. Previous valuation datedAugust 28, 2011 recorded a value of Rs. 401.1 million.

Source»

Sunday, 15 February 2015 - Sunday Times

PCHH subsidiary Bieco Link soon to re-start activated carbon plant

PCH Holdings PLC said this week its subsidiary Bieco Link Carbons (Pvt) Ltd will soon be fully operational once its custom-built factory on a 12 acre freehold property in Giriulla is upgraded and refurbished shortly.


PCHH majority shareholder Adam Investments Ltd took control of Bieco Link Carbons (Pvt) Ltd in November 2014, launching a programme to revive the company and resume production, according to a company announcement.


“Giriulla town and its residents depend on the factory for employment and income,” said Chaminda Banduthilake, Managing Director of PCH Holdings PLC.


Situated in the heart of the coconut triangle, the factory has the capacity to produce 500 MT of granular activated carbon per month for export. “With the reopening, the economy and inhabitants of Giriulla once again stand to benefit from our operations,” he noted.


From 1989, until early 2014 when the factory was shut down by the previous management, Bieco Link Carbons (Pvt) Ltd was Sri Lanka’s only manufacturer of coconut shell activated carbon in granular and powdered form using both vertical and rotary kiln technologies in steam activation process.


“The factory was once the second largest exporter of activated carbon” noted Mr. Banduthilake, “We expect to not just restore it to its former glory, but exceed it in performance and profitability”


Activated carbon is used as a purification agent in water treatment and air purification, as well as in the gold refining, petroleum and chemicals industry. Any carbonaceous materials can be used as a raw material to manufacture activated carbon, such as coconut shells, peat, wood, or coal. Sri Lanka’s six activated carbon manufacturers prefer coconut shell charcoal for its ready availability in the island.


The vertical kilns produce activated carbon that is more efficient in gas absorption than that of rotary products. By carrying out the carbonization in closed kilns, instead of the traditional open pit method, Bieco Link Carbons (Pvt) Ltd has taken steps to eliminate pollution and avoid contamination from other substances.

Source»

Sunday, 15 February 2015 - Sunday Times

PCHH subsidiary Bieco Link soon to re-start activated carbon plant

PCHH subsidiary Bieco Link soon to re-start activated carbon plant. PCH Holdings PLC said this week its subsidiary Bieco LinkCarbons ( Pvt) Ltd will soon be fully operational once its custombuilt factory on a 12 acre freehold property in Giriulla is upgraded and refurbished shortly.


PCHH majority shareholder Adam Investments Ltd took control of Bieco Link Carbons (Pvt) Ltd in November 2014, launching a programme to revive the company and resume production, according to a company announcement.


"Giriulla town and its residents depend on the factory for employment and income," said Chaminda Banduthilake, Managing Director of PCH Holdings PLC.


Situated in the heart of the coconut triangle, the factory has the capacity to produce 500 MT of granular activated carbon per month for export. "With the reopening, the economy and inhabitants of Giriulla once again stand to benefit from our operations," he noted.


From 1989, until early 2014 when the factory was shut down by the previous management, Bieco Link Carbons (Pvt) Ltd was Sri Lanka's only manufacturer of coconut shell activated carbon in granular and powdered form using both vertical and rotary kiln technologies in steam activation process.


"The factory was once the second largest exporter of activated carbon" noted Mr. Banduthilake, "We expect to not just restore it to its former glory, but exceed it in performance and profitability" Activated carbon is used as a purification agent in water treatment and air purification, as well as in the gold refining, petroleum and chemicals industry. Any carbonaceous materials can be used as a raw material to manufacture activated carbon, such as coconut shells, peat, wood, or coal.


Sri Lanka's six activated carbon manufacturers prefer coconut shell charcoal for its ready availability in the island. The vertical kilns produce activated carbon that is more efficient in gas absorption than that of rotary products. By carrying out the carbonization in closed kilns, instead of the traditional open pit method, Bieco Link Carbons ( Pvt) Ltd has taken steps to eliminate pollution and avoid contamination from other substances.

Source»

Wednesday, 11 February 2015 - Daily FT

PCHH subsidiary Bieco Link to resume activated carbon production

In a corporate disclosure submitted to the Colombo Stock Exchange dated 6 February, PCH Holdings PLC stated that its subsidiary Bieco Link Carbons Ltd. expects to be fully operational once its custom-built factory on a 12-acre freehold property in Giriulla is upgraded and refurbished shortly.


PCHH majority shareholder Adam Investments Ltd. took control of Bieco Link Carbons Ltd. in November 2014, launching a program to revive the company and resume production. “Giriulla town and residents depended on the factory for employment and income,” said Chaminda Banduthilake, Managing Director of PCH Holdings PLC.


Situated in the heart of the coconut triangle, the factory has the capacity to produce 500 MT of granular activated carbon per month for export. “With the reopening, the economy and inhabitants of Giriulla once again stand to benefit from our operations,” he noted.


From 1989, until early 2014 when the factory was shut down by previous management, Bieco Link Carbons was Sri Lanka’s only manufacturer of coconut shell activated carbon in granular and powdered form using both vertical and rotary kiln technologies in steam activation process.


“The factory was once the second largest exporter of activated carbon,” stated Banduthilake, “We expect to not just restore it to its former glory, but exceed it in performance and profitability.”


Activated carbon is used a purification agent in water treatment and air purification, as well as in the gold refining, petroleum and chemicals industry. Any carbonaceous materials can be used as a raw material to manufacture activated carbon, such as coconut shells, peat, wood, or coal. Sri Lanka’s six activated carbon manufacturers prefer coconut shell charcoal for its ready availability in the island.


The vertical kilns produce activated carbon that is more efficient in gas absorption than that of rotary products. By carrying out the carbonisation in closed kilns, instead of the traditional open pit method, Bieco Link Carbons has taken steps to eliminate pollution and avoid contamination from other substances..


Source»

Wednesday, 03 December 2014 - Daily FT

Adam Investments ups PCHH stake to near 51%

Adam Investments Ltd. yesterday purchased a further 20,000,000 ordinary shares of PCH Holdings Plc (PCHH) at a price of Rs. 2.50 per share thereby increasing its stake to 50.89%. Adam Investments Ltd., confirmed the purchase and the mandatory offer to acquire the balance issued and fully paid voting shares of PCHH in a corporate disclosure sent to the Colombo Stock Exchange yesterday..


The mandatory offer was earlier suspended pending the determination of a case filed with regards to Bieco Link Carbons Ltd., a fully-owned subsidiary of PCHH.


Adam Investments intentions to revive Bieco Link Carbons Ltd to its former glory were evident in that, just last week, it conducted at its factory at Giriulla, a pirith ceremony graced by Maddepola Somaratana, high priest of the Giriulla Temple. Adam Investments Ltd. Chairman Dr. Ali Asger Shabbir Gulamhusein and his wife Executive Director Dhanushya Gulamhusein, PCHH Chairman Dr. Larry Adams, Managing Director Chaminda Banduthilake, new CEO of Bieco Jayantha Rathnasiri were also present.


The case has now been settled and Adam Investments Ltd. intends to complete the mandatory offer as stipulated by the CSE regulations and take over management control of PCH Holdings PLC and its subsidiaries, the disclosure revealed.


Adam investments Ltd., sees Bieco Link Carbons Ltd., once Sri Lanka’s second biggest activated carbon exporter, as the jewel in PCHH’s crown. Activated carbon is obtained from coconut shells and is used for air and water purification as well as in gold refining, petroleum and the chemicals industry.


Its intentions to revive this company to its former glory were evident in that, just last week, it conducted at its factory at Giriulla, a pirith ceremony graced by Maddepola Somaratana, high priest of the Giriulla Temple, in the presence of the Chairman of PCHH Dr. Larry Adams, Managing Director Chaminda Banduthilake and attended by Jayantha Rathnasiri, the newly appointed CEO of Bieco Link Carbons Ltd. and staff, neighbours and invited members of the community.


Adam Investments Ltd. Chairman Dr. Ali Asger Shabbir Gulamhusein and his wife Executive Director Dhanushya Gulamhusein were also present.


Adam Investments Ltd. is acquiring a reputation for reviving defunct companies through tighter cost control, security and risk management, coupled with a fresh perspective and large capital base.


Earlier Adam Investments Ltd. displayed not only this ability but also its management capabilities at Orient Garments Plc, which it acquired last year.


The board of PCH Holdings PLC consists of Chairman Dr. Larry Adams, Managing Director Chaminda Banduthilake, Executive Director Danushya Gulamhusein, Non-Executive Director Idris Shabbir, Non-Executive Director Padmal Galabodage, Non-Executive Independent Director Imran Zahir and Non-Executive Independent Director Enayath Tayabally.


Source»

Friday, 28 November 2014 - Daily FT

SEC lifts mandatory offer suspension on Adam Investments

The Securities and Exchange Commission has granted approval to lift the suspension imposed on Adam Investments Ltd. on the mandatory offer made to remaining shareholders of PCH Holdings Plc.


With this move, AIN’s mandatory offer on PCHH at a revised offer price of Rs. 2.50 per share (as opposed to the original price of Rs. 2) will be continued and kept open for 21 days from 27 November to 18 December.


SEC in August suspended the mandatory offer until the final determination of a case in Commercial High Court. This was settled in November.The code was triggered when AINV on 2 July acquired 83 million shares at Rs. 2 per share, thereby increasing its stake PCHH to 43%.


Source»

Sunday, 16 November 2014 - The Ceylon Independent

Assets worth Rs. 761m revert to PCH Holdings

Adam Investments Limited )AINV) made a corporate disclosure to Colombo Stock Exchange on Wednesday 12th November stating that Adam Investments Limited (AINV) has entered into an agreement with PCH Holdings PLC and 10 other respondents in case no: HC/CIVIL/23/2014/CO.


As result of this agreement, Adam Investments gets full management and board control of PCH Holdings Plc and Bieco Link Carbons (Pvt) Ltd. AINV has agreed to pay Rs. 35 million to MMD Ventures Lanka (Pvt) Ltd according to the agreement.


In addition, it stated that 100 per cent ownership of Bieco Link Carbons will be restored to PCH Holdings Plc. Consequently, PCH Holdings will see a boost in its asset value corresponding to the asset value of this fully owned subsidiary.


PCH Holdings Plc in a corporate disclosure on 8th August 2014 ,declared that their fully owned subsidiary Bieco Link Carbons (Pvt) Ltd was sold to MMD Ventures Lanka (Pvt) Ltd. Adam Investments Ltd .This was challenged in the courts and with this agreement the disputes have come to an end with PCH Holdings Plc having full ownership of Bieco Link Carbons (Pvt) Ltd.


The latest available audited financial statements published on the Colombo Stock Exchange web site as of 31st March 2013 places the asset value of Bieco Link Carbons (Pvt) Ltd at Rs.761,535,492. Adam Investments Limited ( AINV) which was listed on the Colombo Stock Exchange Diri Savi Board earlier this year is headed by Deshabandu Dr. Ali Asgar Shabbir Gulamhusein.


Source»

Sunday, 16 November 2014 - The Nation

CSE Weekly Disclosures

Adam Investments Limited (AINV) has entered into an agreement with the respondents of the case No.FIC/CIVIL/23/2014/CO where AINV agrees to pay Rs.35 million to MMD Venture Lanka (Pvt) Ltd and the full management and Board control of PCH Holdings PLC and Bieco Link Carbons (Pvt) Ltd would be handed over to Adam Investments Limited. In addition, it is reconfirmed that 100% of Bieco Link Carbons (Pvt) Ltd is owned by PCH Holdings PLC. A disclosure filed with the CSE on November 12, 2014.


Source»

Sunday, 16 November 2014 - Sunday Times

Assets worth Rs 761 mln revert to PCH Holdings

Adam Investments Ltd (AINV) on Wednesday disclosed to the Colombo Stock Exchange that the company has entered into an agreement with PCH Holdings Plc and 10 other respondents in case no: HC/CIVIL/23/2014/CO.)


As result of this agreement, Adam Investments gets full management and board control of PCH Holdings Plc and Bieco Link Carbons (Pvt) Ltd. AINV has agreed to pay Rs. 35 million to MMD Ventures Lanka (Pvt) Ltd according to the agreement, according to a media statement from Adam Investments..


It was also revealed that 100 per cent ownership of Bieco Link Carbons will be restored to PCH Holdings Plc. Consequently, PCH Holdings will see a boost in its asset value corresponding to the asset value of this fully owned subsidiary.


PCH Holdings Plc in a corporate disclosure in August declared that their fully owned subsidiary Bieco Link Carbons (Pvt) Ltd was sold to MMD Ventures Lanka (Pvt) Ltd. Adam Investments Ltd has challenged this in courts and with this agreement the disputes will come to an end with PCH Holdings Plc having full ownership of Bieco Link Carbons (Pvt) Ltd.


The latest available audited financial statements published on the Colombo Stock Exchange web site as of 31st March 2013 places the asset value of Bieco Link Carbons (Pvt) Ltd at Rs.761.5 million.


Adam Investments Limited ( AINV) which listed on the Colombo Stock Exchange Diri Savi Board earlier this year is headed by Dr. Ali Asgar Shabbir Gulamhusein.


“AINV made an aggressive takeover bid of PCH Holdings triggering the Mergers and Acquisition code requirement to make a mandatory offer to purchase all outstanding shares of PCH Holdings Plc held by the public but the offer was later suspended pending the settlement of the court case referred to in the disclosure; it is likely to recommence now that an agreement has been reached between the two parties,” the announcement added.


Source»

Thursday, 13 November 2014 - Daily FT

Assets worth Rs. 761 m reverted to PCH Holdings

Adam Investments settles case with M. Rishan and others over Bieco with Rs. 35 m payment; gets full control of PCHH and carbon venture


Adam Investments Ltd., (AINV) announced yesterday it has entered into an agreement with PCH Holdings Plc and 10 other respondents in the recent case filed in the Commercial High Court. As result of this agreement, AINV gets full management and Board control of PCH Holdings Plc and Bieco Link Carbons Ltd. AINV has agreed to pay Rs. 35 million to MMD Ventures Lanka Ltd. according to the agreement.


In addition it stated that 100% ownership of Bieco Link Carbons Ltd. will be restored to PCH Holdings Plc. Consequently, PCH Holdings will see a boost in its asset value corresponding to the asset value of this fully owned subsidiary.


PCH Holdings Plc, in a corporate disclosure in August, declared that their fully-owned subsidiary Bieco Link Carbons Ltd. was sold to MMD Ventures Lanka Ltd. Adam Investments Ltd. has challenged this in courts and with this agreement the disputes will come to an end with PCH Holdings Plc having full ownership of Bieco Link Carbons Ltd.


As per 31 March 2014 accounts, the asset value of Bieco Link Carbons Ltd. is Rs. 761.5 million. Valuation of Bieco Link Carbon was excluded in PCHH accounts as at September 2014 due to the case.


In a separate development but involving related parties, the winding up application for Orient Garments Plc filed by Jeremy Grebbe was resolved as well.


The petitioner and the company entered into an agreement that the application will be withdrawn in settlement of Rs. 1.4 million as payment to the petitioner.


Adam Investments which listed on the Colombo Stock Exchange Diri Savi Board earlier this year is headed by Deshabandu Dr. Ali Asgar Shabbir Gulamhusein.


AINV made an aggressive takeover bid of PCH Holdings, triggering the Mergers and Acquisition code requirement to make a mandatory offer to purchase all outstanding shares of PCH Holdings Plc held by the public but the offer was later suspended pending the settlement of the court case referred to in the disclosure; it is likely to recommence now that an agreement has been reached between the two parties.



Dr. Larry Adams new Chairman of PCH Holdings

Dr. Larry Adams has been appointed as the Chairman of the Board of PCH Holdings Plc and Director Chaminda D. Banduthilake was promoted to Managing Director.


Adam Investments Ltd., Chairman Dr. Ali Asger Shabbir Gulamhusein has also joined the PCHH Board as an Executive Director along with Danushya C. Mediwake Gulamhusein.


Three non-Executive Directors were also appointed: Idris Shabbir, Mohamed Imran Rasheed Zahir (Independent) and Enayath Hussain Tayabally (Independent).


Banduthilake was an existing director while the other remaining director is D. P. Galabodage.


The appointments follow the resignation of Mohamed Rishan who was Chairman and CEO, M.M. M.N. Farzaan, P. L. Wijesekara and Shanti Sri N. Goonaratne.


Dr. Adams has served Adam Investments as a director from the inception of the company. He holds numerous qualifications such as PhD, MBA, MTh, BTh, DIP TH, DIP HR, DIP Networking and DIP Hardware which he has obtained in Japan, Canada, UK and Sri Lanka.


Adams is a former Director of Tec Sri Lanka and accounts for over 25 years experience in top management in Sri Lanka and overseas. He also serves as Director of Orient Garments Plc, Adam Air Conditioners Ltd., and Adam Automobiles Ltd.


He is a prominent public speaker and has been keynote speaker at prestigious international events such as the CEO Forum ASEAN and the CIO/CTO Forum of SAARC.


Dr. Gulamhusein is the Chairman of Adam Investments. He holds a PhD from Tokyo, Japan and a degree from King’s College London, UK. He has been bestowed with the prestigious title of ‘Deshabandhu Manawahithwadhi, Lankaputhra’ and also serves as advisor to the Ministry of Justice, Ministry of Cooperatives and Internal Trade and Ministry of Productivity Promotion.


Source»

Thursday, 13 November 2014 - Daily News

Assets worth Rs.761 m reverts to PCH Holdings

The Colombo Stock Exchange (CSE) website in a corporate disclosure said that Adam Investments Plc (AINV) has entered into an agreement with PCH Holdings Plc and 10 other respondents.


The result of this agreement will entitle Adam Investments Ltd to get full management and board control of PCH Holdings Plc and Bieco Link Carbons (Pvt) Ltd. AINV has agreed to pay Rs. 35,000,000 to MMD Ventures Lanka (Pvt) Ltd according to the agreement.


In addition it has stated that 100% ownership of Bieco Link Carbons (Pvt) Ltd will be restored to PCH Holdings. Consequently, PCH Holdings will see a boost in its asset value corresponding to the asset value of this fully owned subsidiary.


PCH Holdings in a corporate disclosure on August 8 declared that their fully owned subsidiary Bieco Link Carbons (Pvt) Ltd was sold to MMD Ventures Lanka (Pvt) Ltd. Adam Investments Ltd has challenged this in courts and with this agreement the disputes will come to an end with PCH Holdings having full ownership of Bieco Link Carbons (Pvt) Ltd.


AINV made an aggressive takeover bid of PCH Holdings triggering the Mergers and Acquisition code requirement to make a mandatory offer to purchase all outstanding shares of PCH Holdings Plc. Held by the public but the offer was later suspended pending the settlement of the court case referred to in the disclosure; it is likely to recommence now that an agreement has been reached between the two parties ends.(SP)


Source»

Thursday, 13 November 2014 - Daily Mirror

Adam Investments Reaches Settlement With PCH Holdings

(13 Nov) Sri Lanka, Nov. 13 -- Adam Investments Limited (AINV) yesterday said it has entered into an agreement with PCH Holdings PLC and 10 other respondents in case no: HC/ CIVIL/23/2014/CO. As a result of this agreement, Adam Investments Ltd gets the full management and board control of PCH Holdings PLC and Bieco Link Carbons (Pvt.) Ltd and AINV has agreed to pay Rs.35 million to MMD Ventures Lanka (Pvt.) Ltd. In addition, the 100 percent ownership of Bieco Link Carbons (Pvt.) Ltd will be restored to PCH Holdings PLC. Consequently, PCH Holdings will see a boost in its asset value corresponding to the asset value of this fully-owned subsidiary. PCH Holdings PLC in a corporate disclosure on August 8, 2014 declared that its fully-owned subsidiary Bieco Link Carbons (Pvt.) Ltd was sold to MMD Ventures Lanka (Pvt.) Ltd. Adam Investments Ltd challenged this in courts and with this agreement the disputes will come to an end with PCH Holdings PLC having the full ownership of Bieco Link


Source»

Tuesday, 16 September 2014 - Daily News

Adam continues bullish streak

The Board of Directors of Adam Investments Plc has resolved to increase their stake in Network Communications (Pvt) Ltd up to 51%, by way of a new share issue. Adam Investments Plc currently own 42% of Network Communications (Pvt) Ltd and the acquisition will allow the company to collaborate synergies and further consolidation of the group. Netcom will now become a subsidiary from associate status and financial consolidation will take place.


Network Communications (Pvt) Ltd is a specialised ICT company that is involved in importing, manufacturing, distributing and retailing of computer hardware, software, mobile devises and accessories.


The total asset value of Network Communications (Pvt) Ltd in the excess of Rs. 250 million.In 2014 the turnover was around LKR 480.0 million with a Net Profit of Rs.25 million.


Source»

Monday, 25 August 2014 - Daily FT

Nobody wants to sell PC Pharma to Adam!

Adam Investments Ltd. (AINV) last week concluded the mandatory offer on PC Pharma Plc (PCP), with almost no sellers.


AINV said when the mandatory offer closed, shareholder/s owning only 1,000 shares had accepted the offer made at Rs. 1.70 per share. This amounted to an insignificant 0.001%. Prior to the offer, AINV held 31.152% whilst it acquired 1.416 million PCP shares or 1.4% from the trading floor.


Analysts said the majority of the minority shareholders not wanting to sell either reflected they felt the PCP share is worth more or they had confidence of greater future upside.


The AINV-PCP had the dubious distinction of being the first time when the offeror sold the stake to the market whilst a mandatory offer to buy remaining shareholding was on. However the sale was reversed by the SEC on the grounds that AINV violated rules which require an offeror not to sell during an offer without obtaining approval.


AINV which accepted the error was asked to compensate any buyer who may have suffered a loss in view of the reversal.


AINV sold its majority stake at prices higher than the mandatory offer and from levels from which it originally acquired the stake. Analysts viewed least interest in sellers in the mandatory offer could be because shareholders felt AINV will remain long-term focused following the SEC’s reversal of the sale.


AINV had cited several reasons why it tried to sell, including the fact that PCP and its parent PCH Holdings on which too a mandatory offer was on was facing multiple legal battles with allegations of a key subsidiary being sold by PCHH Chairman M. Rishan and AINV claiming the subsidiary as an asset in the mandatory offer.


Source»

Friday, 22 August 2014 - Daily News

Adam Investments to hold EGM to take over PC Pharma

dam Investments has called for a Extraordinary General meeting to take over PC Pharma. It is also learnt that PC Pharma has received over 1000 shares from one applicant at the close of the mandatory offer conducted by Adam Investments.


"That means that the market has total confidence in us, a senior official from Adam Investments confirmed," he said.


When contacted CEO Larry Adams said that they also bought over 2% of PC Pharma in the past two days from the market.


The recent events on the stock market in relation to Adams Investments PLC have highlighted several interesting developments in the evolution of the regulation of the market.


Adams Investments, described as the new kid on the block focuses on acquiring troubled companies listed on the Stock Exchange and turning them around- a long felt requirement in Sri Lanka's overall financial system.


Adams Investments has reportedly acquired three listed entities, each of them once controlled by the founder of the PC House Group of Companies. Each of them were listed, but reportedly in contravention of various listing rules,by inter alia failing to publish accounts and failing to make proper disclosures.


PCH Holdings PLC and PC Pharma PLC were in fact on what is known as the default board for these reasons. Adams Investments, presumably having made a risk assessment, ventured to acquire these companies and to seek to turn them around.


Source»

Friday, 15 August 2014 - Daily FT

Adam Investments’ NetCom launches China’s Lava mobiles

Adam Investments Plc’s Network Communication Ltd. this week launched the ‘Made in China’ mobile phone brand Lava to the Sri Lankan market.


The new phone saw its debut at the gathering of business partners along with dinner at The Kingsbury. Chief Guest was MP Duminda Silva.


NetCom is the sole distributor in Sri Lanka for Lava Chinese brand of mobile phones. The range includes entry level to high end Android touch screen phones, tablet PC and hand-held tablets.


The company said Lava is a leader in mobile solutions in South East Asia today. “All phones are very reasonably priced and they all come with a year’s warranty,” a spokesman from Network Communications said.


LAVA International Ltd. is one of the fastest growing companies in the mobile handset industry and in India it is fifth most trusted mobile handset player (Brand Trust Report 2014). Recently it was selected as the ‘Emerging Company of the Year 2013’ at the Voice & Data Telecom Leadership Forum Awards Lava International is engaged in the design, research and development, sales and branding of mobile phones as well as related products.


Lava has been in fast development since its founding in 2009. At present the LAVA head office has more than 1,000 staff, of which Lava China has a R&D team of more than 200 researchers including Doctors and Masters. With creative design, rigorous quality, efficient marketing and superior service, the sales volume of Lava in Asia market has been in sustainable growth for year. In 2013, the sales volume of Lava brand mobiles phones has exceeded nine million.


Lava has a wide product portfolio that encompasses tablets, feature phones and smart phones having various models in bar and touch form factor at multiple price points to suit all categories of consumers. Lava’s basket of brands includes ETAB series of tablets, IRIS series of Android based smartphones, Discover series of internet experience touch phones, Spark series of premium bar phones and ARC and KKT series of feature rich budget phones.


As a brand that strives to understand customers’ requirements deeply and has a complete in-house R&D center to convert those needs into products, Lava is confident of bringing-in products that offer superior value through good quality and best-in-class features at an affordable price.


Source»

Tuesday, 15 July 2014 - Ada Derana

Another court order against sale of PCH Holdings shares

Lanka ORIX Finance PLC has stated that it has obtained a court order against the crisis ridden PCH Holdings PLC selling any of its assets including shares in Dynaris Holdings PLC. Any sale of assets in violation of this order would be considered as contempt of court.


Lanka ORIX Finance PLC says that since Dynaris Holdings PLC has defaulted the amount outstanding is approximately Rs. 100 million.


Hence, Lanka ORIX Finance PLC has obtained a sequestration order from the Colombo high court against Dynaris Holdings PLC assets being sold to any other party.


Any sale of assets in violation of this order would be considered as contempt of court, says Lanka ORIX Finance.


Meanwhile, when PCH Holdings prepared to sell 100 percent of its shares in its carbon manufacturing concern Beico Link Carbon (Pvt) Ltd, a new stakeholder in the company Adams Investments obtained an interim injunction against this sale.


Source»

Tuesday, 15 July 2014 - Daily FT

Adam Investments gets further Court orders over PCHH

Adam Investments Ltd. said yesterday it has got further Court orders concerning PCH Holdings, which is under takeover by the former.


In a filing to the CSE, Adam Investments said it has received the following interim orders from Commercial High Court (Case no. HC Civil 23/2014/CO) on 11 July: Interim order restraining the sale, transfer of shares of Bieco Link Carbons Ltd. to MMD Ventures Lanka Ltd. from PCH Holdings Plc; restraining MMD Ventures Lanka Ltd. from taking possession, removal of assets or alienating assets of Bieco Link Carbons Ltd.; interim order restraining Global Corporate Solutions Ltd. of 3rd Floor, No. 451, Galle Road, Colombo 3 acting as the company secretary of PCH Holdings Plc and Bieco Link Carbons Ltd.; and appointing PWC Corporate Secretarial Services Ltd. as the company secretary of PCH Holdings Plc and Bieco Link Carbons Ltd. until holding an EGM of both companies.


These orders were issued in addition to the orders already issued by the Commercial High Court on 4 July, which were: Restraining the present directors from alienating, transferring of assets of PCH Holdings Plc and Bieco Link Carbons Ltd.; appointment of two Directors, Chaminda Dayan Banduthilake and Dharshana Padmal Galabodage to the Board of Directors of PCH Holdings Plc and Bieco Link Carbons Ltd.; and appointing Kay-Jay Group as the independent security form to secure the Bieco Link Carbons Ltd. factory premises in Giriulla.


Source»

Thursday, 03 July 2014 - DailyFT

Adam Investments gets bullish, triggers two takeovers on PCHH, PC Pharma

Reflecting its bullishness on equities as well as its sectors, new kid Adam Investments Ltd. yesterday triggered two takeovers involving PCH Holdings Plc (PCHH) and PC Pharma Plc. (PCP).


It acquired 83 million shares or 33% of diversified holdings PCHH, thereby increasing its stake to nearly 43%, whilst on PCP it bought 5.5 million shares or 5.4%, effectively upping its stake to 31.15%. The SEC Takeovers and Mergers Code threshold is 30%.


PCHH saw in total 95.7 million of its shares traded for Rs. 192 million, thereby becoming the second highest in terms of turnover.


PCHH finished the day at Rs. 2.10, up by 30 cents (it hit an intra-day high of Rs. 2.20) whilst PCP, which saw 13.7 million of its shares traded, closed 20 cents down to Rs. 1.90 after hitting an intra-day high of Rs. 2.


Adam Investments last week bought a 26% stake in PCP for Rs. 37 million with previous largest owner British American Technologies Ltd. being among major sellers.


Previous controlling shareholder of PCHH was its Chairman S.H.M. Rishan via his Dynaris Holdings Ltd., and personal holding pledged to NDB as of end December 2013.


Orient Garments also saw some activity with 1.3 million shares traded and price up Rs. 7.80 to close at Rs. 27.10 with speculation rife that a related party to Adam was on the buying side. Adam holds a 40% stake in Orient Garments Adam Investments’ strategy appears to be consolidation and optimism of reviving both PCHH and PCP.


Adam, which had its debut on the CSE in early June, also has equity investments in Ceylon & Foreign Trades Plc and substantial shares of private limited liability companies, namely Network Communications Ltd., Adam Metals Ltd., Adam Apparels Ltd., Adam Automobiles Ltd. and Adam Air Conditions Ltd.


Adam, which raised Rs. 300 million via its IPO at Rs. 3 per share, yesterday saw its share price peak to Rs. 5 before closing at Rs, 4.90, up by 20 cents.


Adam Investments’ Board of Directors – led by Dr. Ali Asger Shabbir Gulamhusein – believes uniting these entities under the Adam Investments umbrella will strengthen all, allowing each company to thrive in their respective sectors while synergies and streamlined management practices between companies could help create a sustainable environment for growth and excellence.


Source»

Thursday, 26 June 2014 - DailyFT

Adam Investments buys 26% stake in PC Pharma for Rs. 37 m

New kid on the block, Adam Investments Ltd. has bought a 25.7% stake or 25.962 million shares in PC Pharma Plc Ltd., adding another associate to its growing profile.


The acquisition of the stake estimated at a cost of Rs. 37 million was over three days. On Monday it picked up an 18% stake at a cost of Rs. 24 million. Price paid ranged between a high of Rs. 1.50 per share for a block of 3.5 million shares and a low of Rs. 1.20 each for the block of 10.43 million shares. Subsequent stakes however had been at a slightly higher price.


On Monday nearly 25 million shares of PC Pharma traded between a low of Rs. 1.10 and a high of Rs. 1.60 before closing at Rs. 1.40, up by 20 cents. On Tuesday 12 million shares traded and the share price closed at Rs. 1.80. Yesterday around seven million PC Pharma shares traded before closing at the same price though hitting an intra-day high of Rs. 1.90.


On Monday the major seller was British American Technologies, which divested a 16% stake. Rest of the stake had been collected from the market by Adam. PC Pharma’s Chairman S.H.M. Rishan has over a 20% stake under his name whilst PCH Holdings holds a 28% stake. In the first nine months of FY14, PC Pharma made a Rs. 102 million loss and had retained loss of Rs. 71.5 million. Investment into PC Pharma is the second most recent by Adam after it acquired controlling stake of 40% in Orient Garments Plc and a 10% stake in PC House Holdings Plc. Adam is seeing potential for revival and value in PC Pharma hence the investment.

Adam, which had its debut on the CSE in early June, also has equity investments in Ceylon & Foreign Trades Plc and substantial shares of private limited liability companies, namely Network Communications Ltd., Adam Metals Ltd., Adam Apparels Ltd., Adam Automobiles Ltd. and Adam Air Conditions Ltd.


Adam, which raised Rs. 300 million via its IPO at Rs. 3 per share, yesterday saw its share price peak to Rs. 5 before closing at Rs, 4.90, up by 20 cents.


Adam Investments’ Board of Directors – led by Dr. Ali Asger Shabbir Gulamhusein – believes uniting these entities under the Adam Investments umbrella will strengthen all, allowing each company to thrive in their respective sectors while synergies and streamlined management practices between companies could help create a sustainable environment for growth and excellence.


Source»

Thursday, 26 June 2014 - Lanka Business Online

Adam Investments ups stake in Sri Lanka pharma company

June 26, 2014 (LBO) - Adam Investments Ltd, said it had increased a stake in PC Pharma Ltd, a pharmaceuticals company, to 25.7 percent by purchasing shares over the past two days.


Adam Investments said it bought 4.4 million shares on June 24 and 2.9 million shares in June 25 adding to recent purchases of stock in the company, the firm said in a stock exchange filing.


The firm had paid prices of 1.60 rupees and 1.70 rupees for the stock.


On June 25, Adam Investments said it had bought 18.5 million shares at prices ranging from 1.20 to 1.60 rupees.


On June 24, PCH Holdings said it had sold 500,000 shares at 1.20 rupees.Accordingly, between 23 and 25 June 2014 Adam Investments Limited has bought 25.9 million ordinary voting shares of PC Pharma PLC Limited.


Source»

Thursday, 26 June 2014 - AdaDerana

Adam Investments gains 25% ownership of PC Pharma

Adam Investments Limited has bought 25.71 percent ordinary voting shares of PCH Holdings subsidiary PC Pharma PLC Limited which imports medicinal drugs and medical equipment to Sri Lanka.


Accordingly, between 23 and 25 June 2014 Adam Investments Limited has bought 25.9 million ordinary voting shares of PC Pharma PLC Limited.


While these shares had been bought at values ranging from Rs. 1.20 to Rs. 1.50 each, Adam Investments said it had bought 18.5 million shares of PC Pharma on 23 June 2014.


Source»

Sunday, 22 June 2014 - Sunday Leader

Ainv Shares Up 36.6% On Debut

Following the IPO, trading in Adam Investments Plc (AINV) shares, issued to the public at Rs. 3/-, began trading with R. Duminda Silva, MP ceremonially ringing in the day’s trading on CSE trading floor yesterday.

Ali Gulamhusein- Chairman and wife were in attendance at the occasion with CEO Larry Adams at the Colombo Stock Exchange. AINV share closed at Rs. 4.10 up nearly 37% for the day.


Source»

Wednesday, 11 June 2014 - Daily Mirror

Shares Of Adam Investments PLC (Ainy) Commenced Trading Yesterday on the Diri Savi Board...

Shares of Adam Investments PLC (AINV) commenced trading yesterday on the Diri Savi Board of the Colombo Stock Exchange (CSE).

MP Duminda Silva on CSE trading floor, gracing AINV’s trading debut with Dr.Ali Gulamhusein – Chairman and Danushya Gulamhusein – Executive Director. AINV share closed at Rs.4.10 up nearly 37 percent for the day.


Source»

Wednesday, 11 June 2014 - Daily FT

Adam peaks on debut!

Newest listed entity sees share price rise by 36% before closing up 33%


Newest listed corporate Adam Investments Ltd. (AINV) in its own right had a spectacular debut yesterday, peaking to an intra-day high of Rs. 4.10 or by 36.6% and closing at Rs. 4, up by 33.3% or one rupee from its IPO price.


In a surprising move, the company invited MP and Monitoring Minister of Defence Duminda Silva to ring the bell at the Colombo Stock Exchange and be part of the opening day trading. It was the first time in post-war Sri Lanka an MP was present to witness the debut trading of a listed company.


Not very much in public domain yet strengthened by its own strong presence in several of key sectors of the economy, AINV managed to raise Rs. 400 million via an IPO of 133.3 million shares at Rs. 3 each. It was entirely subscribed by retailers. It was termed as a medium term buy.


Yesterday AINV saw 11 million of its shares change hands for Rs. 41.75 million via 889 trades.


Adam Investments Ltd. has equity investments in Orient Garments Plc, Ceylon & Foreign Trades Plc and PC House Holdings Plc and substantial shares of private limited liability companies, namely Network Communications Ltd., Adam Metals Ltd., Adam Apparels Ltd., Adam Automobiles Ltd. and Adam Air Conditions Ltd. Interestingly, all of these companies pre-date the formation of AINV with some of them established and operating for over 40 years, others already publicly listed companies.


The Board of Directors believes uniting these entities under the Adam Investments umbrella will strengthen all, allowing each company to thrive in their respective sectors while synergies and streamlined management practices between companies could help create a sustainable environment for growth and excellence.


The Board of Directors of Adam Investments comprises Chairman Deshabandu Dr. Ali Asger Shabbir Gulamhusein, Chief Executive Officer/Executive Director Rev. Dr. Lawrence Mervyn Fitzgerald Adams, Executive Director Danushya Chintha Mediwake Gulamhusein, Non-Executive Director Taher Abbas Gulamhusein, Non-Executive Director Idris Shabbir, Non-Executive Director Malayandi Jeyaprakash, Executive Director Loolbadda Waduge Waruna Priyankara, Non-Executive Independent Director G. Ramanan and Non-Executive Independent Director Imran Zahir.


Source»

Tuesday, 10 June 2014 - Hiru News

MP R. Duminda Silva open share trading in Adam Investments

Ordinary voting shares of Adam Investments Plc commenced trading this morning on the Diri Savi Board of the Colombo Stock Exchange under the patronage of Colombo District MP R. Duminda Silva.


MP R. Duminda Silva accepted the invitation presented by CEO Larry Adams to ceremonially open trading in Adam Investments PLC shares.


AINV is categorized under the diversified holdings sector in the Colombo Stock Exchange.


The initial public offer of 133.3 million shares at 3 rupees per share valued at 400 million rupees was fully subscribed with the offer closing early, paving the way for an early introduction of shares to the trading floor of the CSE.


Adam Investments Ltd., has equity investments in Orient Garments Plc, Ceylon & Foreign Trades Plc and PC House Holdings Plc and substantial shares of private limited liability companies, namely Network Communications (Pvt) Ltd., Adam Metals (Pvt) Ltd., Adam Apparels (Pvt) Ltd., Adam Automobiles (Pvt) Ltd., and Adam Air Conditions (Pvt) Ltd. Interestingly, all of these companies pre-date the formation of AINV with some of them established and operating for over 40 years, and others already publicly listed companies.


"The board of directors believes uniting these entities under the Adam Investments umbrella will strengthen all, allowing each company to thrive in their respective sectors, while synergies and streamlined management practices between companies could help create a sustainable environment for growth and excellence," the company said.


Board of Directors of Adam Investments PLC., Dr. Ali Asger Shabbir Gulamhusein- Chairman, Rev. Dr. Lawrence Mervyn Fritsgerald Adams-Chief Executive Officer/Executive Director, Danushya Chintha Mediwake Gulamhusein - Executive Director, Taher Abbas Gulamhusein-Non-Executive Director, Idris Shabbir-Non-Executive Director, Malayandi Jeyaprakash- Non-Executive Director, Loolbadda Waduge Waruna Priyankara - Executive Director, G. Ramanan- Non-Executive Independent Director and Imran Zahir- Non-Executive Independent Director.



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Tuesday, 10 June 2014 - Daily Mirror

Adam Investments shares debut today

The shares of Adam Investments PLC (AINV) are set to commence trading today on the Diri Savi Board of the Colombo Stock Exchange (CSE). Accordingly, 449.2 million shares will be listed.


The company issued 133.3 million shares at a price of Rs.3 per share to raise Rs.400 million.


A press statement by the company said Colombo District MP R. Duminda Silva, who is also the Monitoring MP - Ministry of Defence and Chief Organiser - Sri Lanka Freedom Party for Kolonnawa, will ceremonially open trading at the CSE.


Adam Investments Ltd has equity investments in Orient Garments PLC, Ceylon & Foreign Trades PLC and PC House Holdings PLC and substantial shares of private limited liability companies, namely Network Communications (Pvt.) Ltd, Adam Metals (Pvt.) Ltd, Adam Apparels (Pvt.) Ltd, Adam Automobiles (Pvt.) Ltd and Adam Air Conditions (Pvt.) Ltd. Interestingly, all of these companies pre-date the formation of AINV with some of them established and operating for over 40 years, others already publicly listed companies.


The Board of Directors of Adam Investments PLC are: Deshabandhu Dr. Ali Asger Shabbir Gulamhusein- Chairman, Rev. Dr. Lawrence Mervyn Fritsgerald Adams-Chief Executive Officer/Executive Director, Danushya Chintha Mediwake Gulamhusein-Executive Director, Taher Abbas Gulamhusein-Non-Executive Director, Idris Shabbir-Non-Executive Director, Malayandi Jeyaprakash-NonExecutive Director, Loolbadda Waduge Waruna Priyankara-Executive Director, G. Ramanan-Non-Executive Independent Director and Imran Zahir-Non-Executive Independent Director.


Source»

Tuesday, 10 June 2014 - Ceylontoday

Duminda Silva to open share trading in Adam Investments

Ordinary voting shares of Adam Investments Plc (AINV) is set to commence trading today on the Diri Savi Board of the Colombo Stock Exchange (CSE) with R. Duminda Silva, MP –Colombo District, Monitoring MP - Ministry of Defence and Chief Organizer - Sri Lanka Freedom Party for Kolonnawa on hand to add a ceremonial touch by opening trading, the company said in a statement.


"Duminda Silva accepted the invitation presented by Director/CEO Larry Adams to ceremonially open trading in Adam Investments PLC shares," the company said. AINV is categorized under the diversified holdings sector in the Colombo Stock Exchange.


The initial public offer of 133,333,500 shares at Rs 3 per share valued at Rs. 400,000,500 was fully subscribed with the offer closing early, paving the way for an early introduction of shares to the trading floor of the CSE.


Adam Investments Ltd., has equity investments in Orient Garments Plc, Ceylon & Foreign Trades Plc and PC House Holdings Plc and substantial shares of private limited liability companies, namely Network Communications (Pvt) Ltd., Adam Metals (Pvt) Ltd., Adam Apparels (Pvt) Ltd., Adam Automobiles (Pvt) Ltd., and Adam Air Conditions (Pvt) Ltd. Interestingly, all of these companies pre-date the formation of AINV with some of them established and operating for over 40 years, and others already publicly listed companies.


"The board of directors believes uniting these entities under the Adam Investments umbrella will strengthen all, allowing each company to thrive in their respective sectors, while synergies and streamlined management practices between companies could help create a sustainable environment for growth and excellence," the company said. Board of Directors of Adam Investments PLC., Dr. Ali Asger Shabbir Gulamhusein- Chairman, Rev. Dr. Lawrence Mervyn Fritsgerald Adams-Chief Executive Officer/Executive Director, Danushya Chintha Mediwake Gulamhusein - Executive Director, Taher Abbas Gulamhusein-Non-Executive Director, Idris Shabbir-Non-Executive Director, Malayandi Jeyaprakash- Non-Executive Director, Loolbadda Waduge Waruna Priyankara - Executive Director, G. Ramanan- Non-Executive Independent Director and Imran Zahir- Non-Executive Independent Director.


Source»

Tuesday, 10 June 2014 - Daily News

AINV begins trading today

Ordinary voting shares of Adam Investments (AINV) is set to commence trading today on the Diri Savi Board of the Colombo Stock Exchange (CSE).


The initial public offer of 133,333,500 shares at Rs. 3 per share valued at Rs. 400,000,500 was fully subscribed with the offer closing early, paving the way for an early introduction of shares to the trading floor of the CSE. Adam Investments has equity investments in Orient Garments, Ceylon and Foreign Trades and PC House Holdings and substantial shares of private limited liability companies, namely Network Communications, Adam Automobiles and Adam Air Conditions. AINV is categorized under the diversified holdings sector in the Colombo Stock Exchange.


Source»

Tuesday, 10 June 2014 - Daily FT

Duminda Silva to boost Adam Investments debut trading at CSE today

Ordinary voting shares of Adam Investments Plc (AINV) is set to commence trading today on the Diri Savi Board of the Colombo Stock Exchange (CSE) with the presence of Colombo District MP and Monitoring MP Defence Duminda Silva, the company said.


It said MP Silva accepted the invitation presented by Adam Investments Director/CEO Larry Adams to ceremonially open trading. AINV is categorised under the diversified holdings sector in the Colombo Stock Exchange.


The initial public offer of 133,333,500 shares at Rs. 3 per share valued at Rs. 400,000,500 was fully subscribed with the offer closing early, paving the way for an early introduction of shares to the trading floor of the CSE.


Adam Investments Ltd. has equity investments in Orient Garments Plc, Ceylon & Foreign Trades Plc and PC House Holdings Plc and substantial shares of private limited liability companies, namely Network Communications Ltd., Adam Metals Ltd., Adam Apparels Ltd., Adam Automobiles Ltd. and Adam Air Conditions Ltd. Interestingly, all of these companies pre-date the formation of AINV with some of them established and operating for over 40 years, others already publicly listed companies.


The Board of Directors believes uniting these entities under the Adam Investments umbrella will strengthen all, allowing each company to thrive in their respective sectors while synergies and streamlined management practices between companies could help create a sustainable environment for growth and excellence.


The Board of Directors of Adam Investments comprises Chairman Deshabandu Dr. Ali Asger Shabbir Gulamhusein, Chief Executive Officer/Executive Director Rev. Dr. Lawrence Mervyn Fitzgerald Adams, Executive Director Danushya Chintha Mediwake Gulamhusein, Non-Executive Director Taher Abbas Gulamhusein, Non-Executive Director Idris Shabbir, Non-Executive Director Malayandi Jeyaprakash, Executive Director Loolbadda Waduge Waruna Priyankara, Non-Executive Independent Director G. Ramanan and Non-Executive Independent Director Imran Zahir.


Source»

Wednesday, 04 June 2014 - Rivira

Adam Investments Ltd IPO fully subscribed


Source»

Tuesday, 03 June 2014 - Daily News

Adam Investments IPO fully subscribed

Adam Investments Ltd (AINV), Initial Public Offer was fully subscribed as at 4.30 pm on May 30, and the issue closed on the same day.


The Initial public offer, which offered 133,333,500 Ordinary Voting Shares at Rs. 3 per share for public subscription for a total consideration of Rs.400, 000,500.


Adam Investments was approved to list 449,993,700 shares on the Diri Savi Board of the Colombo Stock Exchange, upon completion of allotment of shares of the IPO.


Source»

Tuesday, 03 June 2014 - Daily FT

Adam Investments IPO fully subscribed

Adam Investments Ltd. (AINV), Initial Public Offer was fully subscribed as at 4:30 p.m. on 30 May, an announcement posted on the Colombo Stock Exchange (www.cse. lk) website revealed and the issue closed on the same day.


A letter from PW Corporate Secretarial Ltd., the registrars to the issue, sent to the CSE stated that the Initial Public Offer, which offered 133,333,500 ordinary voting shares at Rs. 3 per share for public subscription for a total consideration of Rs. 400,000,500, was fully subscribed as at 4:30 p.m. on 30 May.


The basis of allotment, as per the formula stated in the prospectus to the issue is shown in the table.


Adam Investments is approved to list 449,993,700 shares on the Diri Savi Board of the Colombo Stock Exchange, upon completion of allotment of shares of the IPO.


Adam Investments Ltd. Executive Director/CEO Larry Adams obviously satisfied with the outcome, wished to express his thanks to the brokers, bankers, officials of CSE, SEC, Managers and Financial Advisors to the Issue, Capital Trust Financial Ltd. and Registrars to the Issue, PW Corporate Secretarial Ltd.


“Above all, I wish to thank the members of the public who subscribed to make this issue a success. It is their confident participation that permitted Adam Investments Ltd., to gain full subscription of its shares almost a week ahead of the issue’s scheduled closing date of 5 June. On behalf of the Board of Directors of Adam Investments Ltd., I thank you all,” he added.


Source»

Monday, 02 June 2014 - Ceylon Today

Adam`s Rs 400M IPO oversubscribed

Ceylon FT: At time when some companies were seeking de-listing from the Colombo Stock Exchange, the Rs 400 million initial public offering by Adam Investment has been oversubscribed after 11 says since May 19.


The Company in a Stock Market filing last Friday (30) said that the Rs 400 million IPO was fully oversubscribed and according to the prospectus would be closed.


Adam Investments offered 29.63% stake in the company through 133,333,500 shares at Rs 3 each to raise Rs 400,000,500 which would be mobilized to the group companies as interest yielding loans. The company will be listed on the Diri Savi Board of the Colombo Stock Exchange.


For the financial year ended 31 December 2013, the group saw a turnover of Rs 4.3 million. Gross Profits for the year increased to Rs 501,852 from Rs 192,295 in 2012, while profits before tax fell to Rs 38.8 million from Rs 98.3 million.


Total assets of the company stood at Rs 657.6 million up from Rs 408.1 million, while equity increased to Rs 421.4 million from Rs 408.1 million. Total liabilities including non-current and current increased to Rs 236.2 million from Rs 22,848.


Source»

Monday, 02 June 2014 - Daily Mirror

Adam Investments IPO oversubscribed

Adam Investments Ltd, an investment holding company which has interests in apparel, IT, import trading, commodities, automotive and FMCG, said its Rs.400 million initial public offer (IPO) was oversubscribed.


Adam Investments announced its plans to raise Rs.400 million by issuing 133.3 million shares at a price of Rs.3 per share to finance certain upgrades in the manufacturing facilities and infrastructure of the companies functioning under the firm.


The mangers to the issue is Capital Trust Financial Limited and the registrars is PW Corporate Secretarial Services.


Source»

Tuesday, 20 May 2014 - Ceylon Today

Adam Investments IPO: Medium-term buy

Adam Investments Limited (AINV) was incorporated in 2011 by Deshabandhu Dr. Ali Asger Shabbir Gulamhusein. The companies that function under AINV are; Adam Apparels (Pvt) Ltd, a premier manufacturer and exporter of garments for leading global fashion labels, Adam Metals (Pvt) Ltd, one of the oldest manufacturers of metal hardware items in the island, Network Communications (Pvt) Ltd (NETCOM) an IT / Electronics company. The group recently inaugurated two new companies, namely Adam Automobiles (Pvt) Ltd and Adam Air Conditions (Pvt) Ltd.


AINV also holds 39.8% of Orient Garment Plc (OGL) and gained board control during January 2014 and accounts for it as a subsidiary.


Case for Investment

Transformation of OGL: Under AINV management (which has three decades of experience in the apparel industry) OGL has ended its loss making trend and has reported a profit of Rs115mn in the first quarter of operations under new management. (Under the previous management, OGL incurred a loss of Rs445mn for the 9 months)


Improved production capacity: Including OGL, AINV operates eight garment factories with a production capacity of 17.9mn pieces per annum, with over 5,000 employees.


A strong order book: A large clientele of celebrated international labels such as BHS, Mothercare, Next, Tommy Hilfiger, Sainsbury,Tesco, Ralph & Lauren and so forth. All 57 production lines are fully booked till August 2014.


Owns the licence to operate an external gateway for international communication and for International Simple Voice Resale (ISVR). Estimated value of the licence is Rs100mn. The group’s investments are all in the high growth sectors in the economy.


Objective of the


Initial Public Offer

If the proposed issue is fully subscribed, the company will allocate the funds for the following purposes as detailed below:


1. 50% of the IPO proceeds (Rs 200mn) will be invested in Network Communications (Pvt) Ltd to improve and expand the company operations as follows: a. To expand the retail outlets of the existing business operations; b. To setup a BPO operation to cater hospitals and medical services; c. To launch a company in Sri Lanka to undertake International Services including voice calls on any local Public Switched Telephone Network (‘PSTN’) using the existing licence of External Gateway for International Communication and International Simple Voice Resale (‘ISVR’) by mid-2014.


2. 25% of the IPO proceeds (Rs.100mn) will be invested on Adam Apparels to upgrade and increase the number of computerized industrial sewing machines in the existing factories to increase the production capacity.


3. 12.5% (Rs 50mn) of the IPO proceeds will be invested in Adam Metals to upgrade the manufacturing facilities and infrastructure and for refurbishments and expansions of the existing machinery, factory and the retail outlet.


4. The balance 12.5% (Rs 50mn) of IPO proceeds will be invested in other lucrative investments in high growth sectors after proper due diligence. Accordingly it is planned to expand the business of Adam Air-Conditions (Pvt) Ltd which has already started its operations and to launch Adam Automobile (Pvt) Ltd which is planned to start its operations in 2014.


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Tuesday, 20 May 2014 - Daily Thinakkural

Adam Investments IPO now open for share applications


Source»

Tuesday, 20 May 2014 - Daily Thinakkural

Orient Garments stitches up Rs 113 mln in Q4


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Monday, 19 May 2014 - Daily FT

Adam Investments a medium term buy – Capital Trust Research

Capital Trust Research has recommended Adam Investments Ltd’s Initial Public Offering (IPO) as a medium term buy.


Adam Investment’s issue of 133.3 million shares at Rs. 3 each officially opens today. The Company aims to raise Rs. 400 million.


Adam Investments Limited (AINV) was incorporated in 2011 by Deshabandhu Dr. Ali Asger Shabbir Gulamhusein. The companies that function under AINV are; Adam Apparels (Pvt) Ltd, a premier manufacturer and exporter of garments for leading global fashion labels, Adam Metals (Pvt) Ltd, one of the oldest manufacturers of metal hardware items in the island, Network Communications (Pvt) Ltd (NETCOM) an IT / Electronics company. The group recently inaugurated two new companies, namely Adam Automobiles (Pvt) Ltd and Adam Air conditions (Pvt) Ltd. AINV also holds 39.8% of Orient Garment Plc (OGL) and gained board control during January 2014 and accounts for it as a subsidiary.


Capital Trust Research said considering the rapid turnaround in OGL under the new management and the economic revival in key apparel export markets we expect massive growth in revenue and profits from the apparel sector which contributes the bulk of the group revenue.


It said the ICT sector holds tremendous potential with very a low penetration level, and NETCOM is well positioned to reap benefits as a total ICT solutions provider. Furthermore we expect volume growth in the sale of Air Conditioners considering the growth in the construction sector.


“Majority of IPO proceeds will be utilized towards the end of FY2014 thus its returns will get reflected from 2015 onwards. Hence, based on forecasted earnings for FY2015 the share is issued at a forward PE of 8.63x [7.48x based on FY2016F]. Considering the future growth potential of the company and the management strength we expect the share to generate lucrative returns in the medium to long term. Thus we recommend investors to subscribe for this issue of shares,” Capital Trust said.


Capital Trust Research has also made the following salient observations in its analysis. Transformation of OGL: Under AINV management (which has three decades of experience in the apparel industry) OGL has ended its loss making trend and has reported a profit of Rs. 115 m in the first quarter of operations under new management. (Under the previous management OGL incurred a loss of Rs. 445 m for the nine months)


Improved production capacity: Including OGL, AINV operates eight garment factories with a production capacity of 17.9 m pieces per annum, with over 5,000 employees A strong order book: A large clientele of celebrated international labels such as BHS, Mothercare, Next, Tommy Hilfiger, Sainsbury, Tesco, Ralph Lauren, etc. All 57 production lines are fully booked till August 2014.


Owns the license to operate an external gateway for international communication and for International Simple Voice Resale (ISVR). Estimated value of the license is Rs. 100 m. The group’s investments are all in the high growth sectors in the economy.


Source»

Monday, 19 May 2014 - Daily News

Adam Investments IPO to raise 400m opens today

The Initial Public Offering (IPO) of Adam Investments Ltd to raise Rs 400 million to expand some of its high potential businesses opens today. The proceeds of the IPO will be utilized for various purposes, if the proposed issue is fully subscribed.


Accordingly, Rs.200 million will be invested in Network Communications (Pvt) Ltd to improve and expand the company operations, particularly to xpand the retail outlets of the existing business operations and to setup a BPO operation to cater hospitals and medical services.


Rs.100 million will be invested on Adam Apparels to upgrade and increase the number of computerized industrial sewing machines in the existing factories to increase the production capacity. Rs.50 million of the IPO proceeds will be invested in Adam Metals to upgrade the manufacturing facilities and infrastructure and for refurbishments and expansions of the existing machinery, factory and the retail outlet. The balance Rs.50 million will be invested in other lucrative investments in high growth sectors after proper due diligence.


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Sunday, 18 May 2014 - Nation

New hands recoup Orient Garments

Orient Garments Plc stormed back to black after Adam Investments Ltd took control and constituted a new board headed by Chairman Dr. Ali Asger Shabbir Gulamhusein on January 8, 2014. The company recorded a profit of Rs.113.2 million in the fourth quarter 2013/14, up from Rs.13 million in 2012/13, unaudited statements uploaded to Colombo Stock Exchange’s website end of last month (April) showed.


While turnover was lower than the previous year, OGL still squeezed out a higher profit by tightening up administrative expenses to Rs.2.1m from Rs.55.4m (reduction of 96.3%) in the fourth quarter of previous year. The company also reversed marketing and logistics expenses to contribute an exceptional Rs.82.8m to the bottom line. While the new board’s efforts reversed the loss making trend, it could not prevent the company recording a loss of Rs.330.3m for the full year 2013/14.


`We are very pleased with our efforts to improve the profitability of this well-respected company, and we shall continue our efforts to bring our stakeholders the best returns without adding to risk or liability,’ said Dr. Gulamhusein. `I truly appreciate the efforts of my board, management and workforce for making their best effort to help the comprehensive restructuring program we undertook since taking over. As you can see, your efforts have paid off, handsomely’ he said.


The Board Directors of Orient Garments is: Dr. Ali Asger Shabbir Gulamhusein, Dr. Lawrence Mervyn Fritsgerald Adams, Ms. Danushya Mediwake Gulamhusein , Saliya Pushpakumara Perera , Ms. Udeni Abeykoon, Mohamed Imran Rasheed , Idris Shabbir, Dr. Thirugnanasambandar Senthilverl, Stanley Christoffel Asoka Obeyesekere.


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Sunday, 18 May 2014 - Irudina

Adam Investments announces Rs.400 mn IPO


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Sunday, 18 May 2014 - Sunday Times

Orient Garments stitches up Rs 113 mln in Q4

Orient Garments Plc (OGL), now owned by Adam Investments Ltd, says it recorded a profit of Rs. 113,264,820 in the fourth quarter 2013/14, up from Rs. 13,095,907 in 2012/13.


According to unaudited statements filed on the Colombo Stock Exchange’s website, even though turnover was lower than the previous year, the company squeezed out a higher profit by tightening up administrative expenses to Rs. 2.1 million from Rs. 55.4 million (reduction of 96.3 per cent) in the fourth quarter of previous year.


The company also reversed marketing and logistics expenses to contribute an exceptional Rs. 82.8 million to the bottom line. While the new board’s efforts reversed the loss making trend, it could not prevent the company recording a loss of Rs.330.3 million for the full year 2013/14.


“We are very pleased with our efforts to improve the profitability of this well-respected company, and we shall continue our efforts to bring our stakeholders the best returns without adding to risk or liability,” said Dr. Ali Asger Shabbir Gulamhusein, Chairman – Adam Investments Ltd. “I truly appreciate the efforts of my board, management and workforce for making their best effort to help the comprehensive restructuring program we undertook since taking over. As you can see, your efforts have paid off, handsomely,” he said.


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Saturday, 17 May 2014 - Daily Virakesari

Orient Garments obtain 113 million profit


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Friday, 16 May 2014 - Ada

Orient Garments obtain 113 million profit


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Friday, 16 May 2014 - Sudar Oli

Orient Garments obtain 113 million profit


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Thuresday, 15 May 2014 - Dinamia

Orient Garments profit up


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Tuesday, 13 May 2014 - Divaina

Adam Investments IPO on May 19


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Tuesday, 13 May 2014 - Lankadeepa

Orient Garments obtain 113 million profit


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Monday, 12 May 2014 - Daily Rivira

Adam Investments announces Rs.400 mn IPO


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Sunday, 11 May 2014 - Sunday Leader

AINV Issues Rs.133.3Mn Worth Of Shares To The Public

Rs. 400 million worth of Initial Public Offer and listing of the shares of Adam Investments Limited (AINV) on the Diri Savi Board of the Colombo Stock Exchange were announced recently. The IPO opens on 19th May 2014. Adam Investments Limited received approval to issue 133.3 million shares at Rs. 3 each.


Adam Investments Ltd is a newly formed investment company which looks at investment, revival and management of a growing number of subsidiary companies as its core business.


The IPO offers the company greater access to financial markets to form a presence and create an impact in the sectors in which they operate whilst broad basing the shareholding.


Adam Investments Ltd has equity investments in Orient Garments Plc where they hold 39.8%,9% in Ceylon & Foreign Trades Plc, 10% inPC House Holdings Plc. They also have substantial shares of private limited liability companies , namely43% in Network Communications (Pvt) Ltd,47% in Adam Metals (Pvt) Ltd, 31% inAdam Apparels (Pvt) Ltd. As well as two 100% owned subsidiaries, Adam Automobiles (Pvt) Ltd and Adam Air Conditions (Pvt) Ltd.


All of the above mentioned companies pre-date the formation of Adam Investments Ltd., Some of them were businesses established and operating for over 40 years, others are already publicly listed companies. Adam Investments Ltd makes strategic investments in companies to revive and revitalize them through sound management and frugal fiscal practices.


While all the companies within the Adam Investment umbrella have seen positive development, the case of Orient Garments Plc demands particular mention.


Adam Investments Ltd., gained board control of Orient Garments Plc on 8th January 2014. In the ensuing months of the quarter, Orient Garments Plc saw a remarkable turnaround recording a profit of Rs. 113,264,820 in the fourth quarter 2013/14, up 864% from Rs. 13,095,907 a year earlier. The unaudited statements uploaded to the Colombo Stock Exchange’s website on 30 April 2014 show the details.


More importantly, it stopped and reversed a trend of losses over the last few quarters of 2013/14 and has now set the company upon a steady course towards greater efficiency and effectiveness which are reflected in the bottom line.


Since the acquisition, AIL has expanded its in-house designed apparel exports share to 20% and hopes to increase it to 40%. It has scaled up operations with the number of production lines increased from 29 to 57.


The market also recognized the positive impact Adam Investments Ltd., has had and boosted the price of an Orient Garments Plc. share to approximately Rs. 15, nearly 100% more than Adam Investment Ltd paid for its 39.8% share.


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Sunday, 11 May 2014 - Sunday Observer

Adam Investments to expand FMCG, garment operations

Adam Investments Limited which launched its Initial Public Offering last week hopes to use the funds to expand its Fast Moving Consumer Goods Market (FMCG) operation and the apparel sector.


An investment holding company Adam Investments was set up 2012. It holds shares of privately-held companies in industries such as apparel, metal, network communication and automobile and in quoted equity shares in the Colombo Stock Exchange.


The company acquired Orient Garments PLC, a manufacturer and exporter of high-end apparel early this year. It has brought all its investments under one umbrella during the past two years. Adam Investments has under its umbrella, Network Communications (Pvt) Ltd., Adams Metals (Pvt) Ltd., Adam Apparels, Adam Automobiles (Pvt) Ltd., Adam Air Conditioners (Pvt) Ltd., Orient Garments PLC, Ceylon Foreign Trades PLC and PC House Holdings PLC.


Adam Investments, Chairman Dr. Ali Asger Shabbir Gulamhusein said that by bringing all the entities under its umbrella that could strengthen operations of each company in their sectors.


He said that the company plans to set up its design centre for garments and scale up designed garments from the present 20 percent to around 40 percent.


"We hope to focus our exports on non traditional markets such as the Asian and Russian region which has a huge untapped market potential.


Our exports to the USA and Europe which are key buyers of Sri Lankan apparels are doing well," he said.


Adam Investments has operated Orient Garments for the past three years. Orient Garments recorded a profit of Rs. 113 million in the fourth quarter of 2013-14 up from 864 percent from Rs. 13 million a year earlier.


Dr. Gulamhusein said that the prospectus to the IPO is based on the value of its holding before the take over took place and it does not indicate the increase in value of its holdings nor the positive impact its policies had on reviving a loss making company.


Source»

Saturday, 10 May 2014 - The Island

Adam Investments share issue aiming at Rs 400 mn equity

Issue of Adam Investments 133.3 million ordinary shares will be quoted at Rs. 3 per share. At this quoted price, the equity expected to be raised will be in excess Rs 400 million. Closure of the subscription will be on June 5 or when the issue is over subscribed, whichever comes first, Adam Investments chairman Dr. Ali Asger Shabir Gulamhusein said, addressing the press recently. He indicated that the public share issue of the company would open on May 19.


Retail individual investment of 40 % would amount to 53. 3 million shares. Unit Trust and non retail issue will add to 100 % of the total share capital.


The hallmark for investment is the established credibility of expertise available at Adam Investments, who were collectively responsible for the quoted instance of Orient Garments, an enterprise recording continuous losses, re- establishing itself into the realm of business profits, after Adam Investments bought over their assets. Gulamhusein said the turn – around was valued at about 864 percent. In real monetary terms, this amounted to Rs 113.2 Million, Which, he said, was remarkable.


‘We look for value in our investments. Meaning we buy companies when their valuations are realistic. We implement sound internal procedures and ensure viability in the short run. Hitherto, our successes have been substantial. The new equity offer and our enhanced public image would translate into a successful enterprise. More so, our record to ensure strength of management to refurbish an entity for turn-around strength already established, would enhance our standing and credibility, the chairman explained.


The board of Adam Investment at the head table were, additionally, CEO / ED Larry Adams, Executive Director, Danushya Mediwake Gulamhusein, Non - Executive Director, Thaher Abbas Gulamheusein, Non - Executive Director Idris Shabir, Non- Exc. Director Malayandi Jeyaprakash, Exc. Dir. Loolbadd Waduge, Independent Director Govindasamy Ramanana and Non- Exc. Director Imran Zahir.


The group structure includes Adam metals, Net work communication, Adam Apparels, Adam Automobiles, Adam Air Conditioners, Orient Garments, Ceylon and Foreign Trades, and PC House holdings.


Questioned by the press on their future garments manufacture, on their total manufacturing process of the sequence of cotton to yarn, yarn to fabric and fabric to finished product, the chairman said this would eventually be their aim.


Additionally of significance was that they would not seek only Western markets, but would move East. The population structure was such that Eastern markets held the greatest per capita consumption and re-strategizing markets was beneficial in terms of sales and profits.


The green aspect too was positively considered, when new structures were envisaged.


Source»

Friday, 09 May 2014 - Ceylon Today

New board effects 4Q turnaround, but Orient Garments sustains loss for full year

Ceylon FT: Orient Garments PLC reported an impressive turnaround during the fourth quarter of the 2013/14 financial year under a new board of directors, but sustained heavy losses for the full year.


In interim financial results filed with the Colombo Stock Exchange, Orient Garments showed a company level net profit of Rs 113.26 million for the quarter ended 31 March 2014, up from a Rs 13 million net profit a year ago.


At group level, a net profit of Rs 115.07 million was reported during the March quarter, an impressive turnaround from the Rs 10.7 million loss the previous year.


"While turnover was lower than the previous year, Orient Garments still squeezed out a higher profit by tightening up administrative expenses to Rs 2.1 million from Rs 55.4 million (reduction of 96.3%) in the fourth quarter of previous year. The company also reversed marketing and logistics expenses to contribute an exceptional Rs 82.8 million to the bottom line. While the new board's efforts reversed the loss making trend, it could not prevent the company recording a loss of Rs 330.3 million for the full year 2013/14," the company said in a statement.


"We are very pleased with our efforts to improve the profitability of this well-respected company, and we shall continue our efforts to bring our stakeholders the best returns without adding to risk or liability," said Chairman Dr. Ali Asger Shabbir Gulamhusein.


"I truly appreciate the efforts of my board, management and workforce for making their best effort to help the comprehensive restructuring programme we undertook since taking over. As you can see, your efforts have paid off, handsomely," he said.


Dr. Gulamhusein, Chairman – Adam Investments Ltd., commenced restructuring Orient Garments PLC upon assuming duties as Chairman of Orient Garments PLC on 8 January 2014.


Orient Garments reported a Rs 310.7 million loss at company level for the year ended 31 March 2014, down from a net profit of Rs 2.74 million a year ago.


At group level, losses expanded to Rs 330.34 million, up from Rs 26 million a year ago.


Adam Investments is floating a Rs 400 million IPO.


Source»

Wednesday, 07 May 2014 - Daily FT

Adam Investments confident of biz turnaround, more acquisitions on the cards

Company looks to grow on benefits from listing via Rs. 400 m IPO


Adam Investment Ltd. is in the market to raise Rs. 400 million to expand some of its high potential businesses and its Chairman was emphatic that the company was keen on growing via benefits from listing on the Colombo Stock Exchange.


With diversified interest via strategic investments and fully owned subsidiaries, Adam Investments Ltd., (AIL) is issuing 133.3 million shares at Rs. 3 each.


An investment holding venture, AIL has growing interests in apparel exports, IT/telecom/electronics, import trading, commodities, FMCG, construction, automotive and strategic equity investments. It will use funds raised via the IPO to expand the IT sector/Electronics (Rs. 200 million), apparel (Rs. 100 million) and metal/construction (Rs. 50 million).


“We are interested in broad basing our shareholding, improving governance structure, enhance customer trust as well as access funds thereby benefit from being a stable listed company,” Adam Investments Ltd. Chairman Dr. Ali Asger Shabbir Gulamhussein told journalists yesterday. Incorporated in 2011, AIL holds 39.8% in listed Orient Garments PLC, 10% in PC House Holdings PLC and 9% in Ceylon Foreign Trades PLC, in addition to 43% in Network Communications Ltd., 47% in Adam Metals Ltd. and 31% in Adam Apparels Ltd. In addition it has two 100% owned subsidiaries Adam Automobile Ltd., and Adam Air Conditions Ltd. Some of the companies such as Adam Metals and Adam Apparels have been in operation since the 1970s whilst NETCOM has been in operation since 2002 dealing with ICT products in addition to holding the license to operate external gateway for international communication and international simple voice resale.


AIL said existing investments and these companies coming under an investment holding company will strengthen all, allowing each company to strive in their respective sectors utilising synergies, reducing overheads and streamlining management practices and creating overall a sustainable environment for growth and excellence.


Gulamhussein cited a recent success of turning around Orient Garments PLC, which reported a profit of Rs. 113 million in the fourth quarter of FY14 up 864% from Rs. 13 million a year earlier following AIL gaining board control of the company in January 2014.


“We stopped and reversed a trend of losses over the last few quarters of 2013/14 and have now set the company on a steady course towards greater efficiency and effectiveness which are reflected in the bottom line,” said the AIL Chairman. The added advantage of its own exposure to apparel has helped AIL as well as the listed apparel subsidiary.


Since the acquisition, AIL has expanded its in-house designed apparel exports share to 20% and hopes to increase it to 40%. It has scaled up operations with the number of production lines increased from 29 to 57. Diversifying into non-traditional apparel buying markets is another focus.


AIL is also encouraged by the fact that investors have recognised the positive impact as Orient Garments’ share price has risen to Rs. 15, nearly 100% more than AIL paid for its 39.8% stake. “We are a newly formed investment company which looks at investment, revival and management of a growing number of subsidiary companies as its core business. We look for value in our investments. We buy companies when their valuations are realistic and then by implementing sound internal procedures, systems, good governance and processes we gain higher efficiencies. These in turn translate in to greater profits by improving the spread between cost and revenue,” the AIL Chairman said.


“This is a disciplined and robust system which is inherent in our well seasoned director board. We endeavour to make all our investments this way and I am certain the market will be seeing more of this in the near future,” he added.


Commenting on market sentiments, managers and financial advisors to the issue Capital Trust Financial Ltd. Managing Director G. Ramanan (who is also incidentally a Non-Executive Independent Director of AIL) said the demand for fundamentally sound IPOs are good and there was an upswing in sentiments overall. He said AIL is attractive on forward price earnings ratio among other factors.


Source»

Wednesday, 07 May 2014 - Ceylon Today

Adam Investment to float Rs 400M IPO

Ceylon FT: With several companies seeking to de-list from the Colombo Stock Exchange, Adam Investment Ltd., yesterday officially announced its Initial Public Offering of 133.3 million shares at Rs 3 each to raise Rs 400 million.


According to the company the offer for subscription will issue a 29.63% stake in the company through 133,333,500 shares to raise Rs 400,000,500 which will be mobilized to the group companies as interest yielding loans.The company will be listed on the DiriSavi Board of the Colombo Stock Exchange. Subscription for the IPO will open on 19 May and close on 5 June.


Commenting on the IPO, Adam Investment Chairman Dr. Ali Asger Shabbir Gulamhusein said the company wanted to broad base the shareholdings and also to access other market benefits. According to him the generated funds will be mobilized to the group companies as interest yielding loans which will there after seek much attractive investment opportunities. Adam Investment will invest 50% of the IPO proceeds in Network Communication (Pvt) Ltd., of which Adam owns a 43% stake, to improve and expand company operations.


Out of the balance, 25% (approx. Rs 26.25 million) will be invested in Adam Apparels to upgrade and increase the number of computerized industrial sewing machines. Further, the company will invest 12.5% of the proceeds in Adam Metals to upgrade and expand operations, while Rs 1.5 million each will be going into Adam Air-conditioning and Adam Automobiles.


The balance Rs 10 million, the company will invest in the Colombo Stock Exchange and government securities. According to Dr Gulamhusein, the companies controlled by Adam Investments have been progressing. It has managed to turn around Orient Garments. Adam, gained board control of Orient Garments on January, and in the following months of the quarter the company saw an 864% increase in profits to Rs 113 million from Rs 13 million. Through the IPO, retail investors would be offered 40% of shares, 50% to corporate and 10% for unit trusts.


For the financial year ended 31 December 2013, the group saw a turnover of Rs 4.3 million. Gross Profits for the year increased to Rs 501,852 from Rs 192,295 in 2012, while profits before tax fell to Rs 38.8 million from Rs 98.3 million. Total assets of the company stood at Rs 657.6 million up from Rs 408.1 million, while equity increased to Rs 421.4 million from Rs 408.1 million. Total liabilities including non-current and current increased to Rs 236.2 million from Rs 22,848.


The company auditors, A. I. Macan Markar & Company, projected group revenues to reach Rs 4.8 billion in 2014, Rs 5.1 billion in 2015, Rs 4.4 billion in 2016, Rs 5.7 billion in 2017 and Rs 6 billion in 2018. Gross Profits is expected to reach Rs 583.2 million in 2014, Rs 632.6 million in 2015, Rs 677.7 million in 2016, Rs 719.8 million in 2017 and Rs 766.3 million in 2018. Net profits before tax is projected to reach Rs 241.7 million in 2014, Rs 294.7 million in 2015, Rs 331.4 million in 2016, Rs 374.6 million in 2017 and Rs 415.3 million in 2018. Profits for the year is expected at Rs 214.3 million in 2014, Rs 259.9 million in 2015, Rs 290.6 million, Rs 328.1 million and Rs 362 million respectively.


Total assets of the group is projected to increase to Rs 3.2 billion in 2014, Rs 3.3 billion in 2015, Rs 3.4 billion, Rs 3.8 billion and Rs 4.1 billion respectively, while equity is expected to reach Rs 1.5 billion in 2014, Rs 1.8 billion in 2015, Rs 2.2 billion, Rs 2.4 billion and Rs 2.8 billion respectively. Total liabilities is projected at Rs 1.4 billion in 2014, Rs 1.2 billion in


Source»

Wednesday, 07 May 2014 - Daily Mirror

Adam Investments announces Rs.400 mn IPO

Adam Investment Limited yesterday announced its plans for a Rs.400 million Initial Public Offering (IPO), to finance certain upgrades in the manufacturing facilities and infrastructure of companies functioning under the firm.


Accordingly, Adam Investments will offer 133.3 million ordinary voting shares at Rs.3 per share to the public and thereafter list 450 million shares on Diri Savi Board of the Colombo Stock Exchange.


The offer opens on May 19, 2014 and will close on the day the issue is over subscribed or June 5, 2014.


The minimum subscription for the offer is 1000 shares (Rs.3,000).


According to the Adam Investments prospectus, 50 percent of the IPO proceeds would be invested in Network Communications (Pvt.) Ltd in which Adam holds a 43 percent stake.


The firm said that NETCOM has completed a preliminary study to launch a company in Sri Lanka to undertake International Services including originating of voice calls on any local Public Switched Telephone Network (PSTN) and terminate international voice calls by using the existing license of External Gateway for International Communication and International Simple Voice Resale (ISVR) by mid-2014.


Further , an estimated investment of Rs.26.2 million, which is 25 percent of the IPO proceeds, will be utilized on Adam Apparels to upgrade and increase the number of computerized industrial sewing machines in existing factories.


This will enable the company to achieve competitive advantages through a lower operating cost and a higher productivity level.


Adam acquired 39.8 percent of listed garment manufacturer Orient Garment PLC and said it plans to explore new markets such as Asia and Russia, subsequent to the IPO.


Meanwhile the investment on the firm’s manufacturer of metal hardware items, Adam Metals is estimated at Rs.13.1 million which is 12.5 percent of the IPO proceeds.


These funds will be utilized to upgrade the manufacturing facilities and infrastructure of Adam Metals through refurbishments and expansions of the existing machinery, refurbishments of the factory and the retail outlet to improve efficiency.


The minimum investment in this expansion is estimated at Rs.5.1 million and the firm said that funds would be mobilized for above purposes within one year subsequent to the IPO.


For the year ended December 31,2013 Adam Investment in this posted a net profit of Rs.38.8 million against Rs.98.3 million during the previous year, largely due to a drop in other income and a substantial rise in finance costs.


The firm recorded earnings of 12 cents per share during the year under review in comparison to 31 cents in 2012.


Source»

Wednesday, 07 May 2014 - Daily Thinakural

Adam Investments IPO on May 19


Source»

Wednesday, 07 May 2014

The Media Conference held on 6th May 2014 at National Olympic House to announce the IPO


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Tuesday, 06 May 2014 - Daily Virakesari

Adam Investments IPO on May 19


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Monday, 05 May 2014 - Daily News

Orient Garments back to profit in 4Q

Orient Garments Plc stormed back to profit after Adam Investments Ltd took control and constituted a new board headed by Chairman Dr. Ali Asger Shabbir Gulamhusein.


The company recorded a profit of Rs. 113,264,820 in the fourth quarter 2013/14, up from Rs. 13,095,907 in 2012/13, unaudited statements uploaded to Colombo Stock Exchange's website end of last month (April) showed.


While turnover was lower than the previous year, OGL still squeezed out a higher profit by tightening up administrative expenses to Rs. 2.1m from Rs. 55.4m (reduction of 96.3%) in the fourth quarter of previous year.


The company also reversed marketing and logistics expenses to contribute an exceptional Rs. 82.8m to the bottom line. While the new Board's efforts reversed the loss making trend, it could not prevent the company recording a loss of Rs 330.3m for the full year 2013/14.


"We are very pleased with our efforts to improve the profitability of this well-respected company and we shall continue our efforts to bring our stakeholders the best returns without adding to risk or liability,' said Dr. Gulamhusein.


Dr. Ali Asger Shabbir Gulamhusein, Chairman, Adam Investments Ltd., commenced restructuring Orient Garments Plc upon assuming duties as Chairman of Orient Garments Plc. on January 8, 2014.


Source»

Monday, 05 May 2014 - Daily FT

Orient Garments storms back in to profits under new board

Posts Rs. 113 m profit in 4Q up from Rs. 13 m a year earlier


Orient Garments Plc stormed back to black after Adam Investments Ltd took control and constituted a new board headed by Chairman Dr. Ali Asger Shabbir Gulamhusein.


The company recorded a profit of Rs. 113,264,820 in the fourth quarter 2013/14, up from Rs. 13,095,907 in 2012/13, unaudited statements uploaded to Colombo Stock Exchange’s website end of last month (April) showed.


While turnover was lower than the previous year, OGL still squeezed out a higher profit by tightening up administrative expenses to Rs. 2.1 m from Rs. 55.4 m (reduction of 96.3%) in the fourth quarter of previous year. The company also reversed marketing and logistics expenses to contribute an exceptional Rs. 82.8 m to the bottom line. While the new board’s efforts reversed the loss making trend, it could not prevent the company recording a loss of Rs. 330.3 m for the full year 2013/14.


“We are very pleased with our efforts to improve the profitability of this well-respected company, and we shall continue our efforts to bring our stakeholders the best returns without adding to risk or liability,” said Dr. Gulamhusein. “I truly appreciate the efforts of my board, management and workforce for making their best effort to help the comprehensive restructuring program we undertook since taking over. As you can see, your efforts have paid off, handsomely,” he said.


The Board Directors of Orient Garments is: Dr. Ali Asger Shabbir Gulamhusein, Dr. Lawrence Mervyn Fritsgerald Adams, Danushya Mediwake Gulamhusein, Saliya Pushpakumara Perera , Udeni Abeykoon, Mohamed Imran Rasheed, Idris Shabbir, Dr. Thirugnanasambandar Senthilverl and Stanley Christoffel Asoka Obeyesekere.


Source»

Saturday, 03 May 2014 - The Island

Adam Investments IPO now open for share applications

Colombo Stock Exchange uploaded Adams Investments Ltd (AINV) prospectus to its official website www.cse.lk, signaling that submitting applications can now commence for shares offered in the company’s Initial Public Offer (IPO) which opens on 19 May 2014, a release said.


‘Adam Investments Ltd is the investment vehicle for bringing to market a set of eight established companies with a presence and impact on a diversity of sectors. These companies include some established for more than 40 years, and others that are already publicly listed. They are engaged in Garment Exports, ICT, Construction, Air Conditioning, Automotive, Commodities and Import Trading sectors.


‘Investors are permitted to apply forthwith for 133,333,500 ordinary voting shares of Adam Investments Ltd at Rs. 3/-per share with 1000 shares being the minimum subscription.


‘The company which seeks to raise Rs. 400,000,500 from the IPO has described the allotment structure in the prospectus, reserving 40% and 10% for retail investors and unit trusts respectively. Curiously, the balance 50% is reserved for Non-Retail investors, perhaps suggesting interest of informed high net worth investors and institutions.


‘The IPO is scheduled to close when fully subscribed or on 5 June 2014, whichever is earlier.


Source»

Wednesday, 30 April 2014 - Mawbima

Adam Investments Ltd IPO on 19 May


Source»

Wednesday, 30 April 2014 - Daily Mirror

Subscription opens for Adam Investments’ IPO

The Colombo Stock Exchange uploaded Adams Investments Ltd (AINV) prospectus to its official website www.cse.lk, signalling that submitting applications can now commence for shares offered in the company’s Initial Public Offer (IPO) which opens on 19 May 2014.


Adam Investments Ltd is the investment vehicle for bringing to market a set of eight established companies with a presence and impact on a diversity of sectors. These companies include some established for more than 40 years, and others that are already publicly listed. They are engaged in garment exports, ICT, construction, air conditioning, automotive, commodities and import trading sectors.


Investors are permitted to apply forthwith for 133,333,500 ordinary voting shares of Adam Investments Ltd at Rs. 3 per share with 1,000 shares being the minimum subscription.


The company which seeks to raise Rs. 400,000,500 from the IPO has described the allotment structure in the prospectus, reserving 40% and 10% for retail investors and unit trusts respectively. Curiously, the balance 50% is reserved for non-retail investors, perhaps suggesting interest of informed high net worth investors and institutions.


The IPO is scheduled to close when fully subscribed or on 5 June, whichever is earlier.


Source»

Wednesday, 30 April 2014 - Daily News

Adam Investments IPO now open

Colombo Stock Exchange uploaded Adams Investments Ltd (AINV) prospectus to its official website www.cse.lk, signaling that submitting applications can now commence for shares offered in the company’s Initial Public Offer (IPO) which opens on May 19.


Investors are permitted to apply for 133,333,500 ordinary voting shares of Adam Investments Ltd at Rs. 3 per share with 1000 shares being the minimum subscription.


The company seeks to raise Rs. 400,000,500 from the IPO has described the allotment structure in the prospectus, reserving 40% and 10% for retail investors and unit trusts respectively. The IPO is scheduled to close when fully subscribed on June 5 2014, whichever is earlier.


Source»

Wednesday, 30 April 2014 - Daily FT

Adam Investments IPO now open for share applications

The Colombo Stock Exchange uploaded Adams Investments Ltd.’s (AINV) prospectus to its official website – www.cse.lk – , signalling that submitting applications can now commence for shares offered in the company’s Initial Public Offer (IPO) which opens on 19 May 2014.


Adam Investments Ltd. is the investment vehicle for bringing to market a set of eight established companies with a presence and impact on a diversity of sectors. These companies include some established for more than 40 years, and others that are already publicly listed. They are engaged in garment exports, ICT, construction, air conditioning, automotive, commodities and import trading sectors.


Investors are permitted to apply forthwith for 133,333,500 ordinary voting shares of Adam Investments Ltd at Rs. 3 per share with 1,000 shares being the minimum subscription. The company which seeks to raise Rs. 400,000,500 from the IPO has described the allotment structure in the prospectus, reserving 40% and 10% for retail investors and unit trusts respectively. Curiously, the balance 50% is reserved for non-retail investors, perhaps suggesting interest of informed high net worth investors and institutions.


The IPO is scheduled to close when fully subscribed or on 5 June, whichever is earlier.


Source»

Tuesday, 29 April 2014 - Daily Lakbima

Adam Investments IPO on May 19


Source»

Sunday, 27 April 2014 - Sunday Leader

Adam Investments IPO on May 19

Adam Investments Limited (AINV), a newly formed investment company which looks at investment, revival and management of a growing number of subsidiary companies as its core business, confirmed that it has received approval to list its shares on the Diri Savi Board.


Adam Investments Ltd received approval to list 449,993,700 shares on the Diri Savi Board of the Colombo Stock Exchange with an Initial Public Offer of 133,333,500 Ordinary Voting Shares at LKR 3 per share for a total consideration of Rs.400,000,500.


Adam Investments Ltd has equity investments in several listed companies including Orient Garments Plc, Ceylon & Foreign Trades Plc and PC House Holdings Plc.


The company also has substantial shares of private limited liability companies which include Network Communications (Pvt) Ltd, Adam Metals (Pvt) Ltd, Adam Apparels (Pvt) Ltd, Adam Automobiles (Pvt) Ltd and Adam Air Conditions (Pvt) Ltd.


The Board of Directors of Adam Investments Ltd comprises:

Deshabandhu Dr Ali Asger Shabbir Gulamhusein, Chairman; Rev. Dr Lawrence Mervyn Fritsgerald, Adams – Chief Executive Officer/Executive Director; Mrs. Danushya Mediwake Gulamhusein, Executive Director; Taher Abbas Gulamhusein, Non-Executive Director; Idris Shabbir, Non-Executive Director; Malayandi Jeyaprakash, Non-Executive Director; Loolbadd Waduge Waruna Priyankara, Executive Director; Govindasamy Ramanan, Non-Executive Independent Director and Imran Zahir, Non-Executive Independent Director.


Source»

Sunday, 27 April 2014 - Sunday Thinakkural

Adam Investments IPO on May 19


Source»

Sunday, 27 April 2014 - Nation

CSE Weekly Disclosures

Adam Investments Limited

The CSE has approved in-principle an Application for listing the Ordinary Voting shares of Adam Investments Limited on the Diri Savi Board. Offer for subscription consist with 133 million Ordinary Voting shares at a price of Rs.3.00 per share. A disclosure filed with the CSE on April 22, 2014.


Source»

Sunday, 27 April 2014 - Sunday Observer

Adam Investments IPO on May 19

Adam Investments Limited (AINV), a newly-formed investment company which focuses on investment, revival and management of a growing number of subsidiary companies as its core business, has received approval to list its shares on the Diri Savi Board of the Colombo Stock Exchange with an Initial Public Offer of 133,333,500 Ordinary Voting Shares at Rs 3 per share for a consideration of Rs. 400,000,500.


Adam Investments Ltd has equity investments in several listed companies including Orient Garments, Ceylon and Foreign Trades and PC House Holdings.


The company also holds substantial shares of several private limited liability companies.


Source»

Saturday, 26 April 2014 - Daily Virakesari

Adam Investments Ltd IPO on May 19


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Thursday, 24 April 2014 - Financial Review

Adam Investments Ltd IPO on May 19

Adam Investments Limited (AINV), a newly formed investment company which looks at investment, revival and management of a growing number of subsidiary companies as its core business, confirmed that it has received approval to list its shares on the Diri Savi Board, a release said.


‘Adam Investments Ltd received approval to list 449,993,700 shares on the Diri Savi Board of the Colombo Stock Exchange with an Initial Public Offer of 133,333,500 Ordinary Voting Shares at LKR 3 per share for a total consideration of Rs. 400,000,500/-


‘Adam Investments Ltd has equity investments in several listed companies including Orient Garments PLC, Ceylon & Foreign Trades PLC, and PC House Holdings PLC.


‘The company also has substantial shares of private limited liability companies which include Network Communications (Pvt) Ltd, Adam Metals (Pvt) Ltd, Adam Metals (Pvt) Ltd, Adam Apparels (Pvt) Ltd, Adam Automobiles (Pvt) Ltd and Adam Air Conditioners (Pvt) Ltd.


Source»

Thursday, 24 April 2014 - Daily Rivira

Adam Investments Ltd IPO on May 19


Source»

Thursday, 24 April 2014 - Sunday times (Times Online)

Adam Investments Ltd IPO on May 19

Adam Investments Limited (AINV), a newly formed investment company which looks at investment, revival and management of a growing number of subsidiary companies as its core business, confirmed that it has received approval to list its shares on the Diri Savi Board at the Colombo Stock Exchange, a media release issued by the company stated.


Adam Investments Ltd received approval to list 449,993,700 shares on the Diri Savi Board of the Colombo Stock Exchange with an Initial Public Offer of 133,333,500 Ordinary Voting Shares at LKR 3 per share for a total consideration of Rs.400,000,500, it was stated.


The company has equity investments in several listed companies including Orient Garments Plc, Ceylon & Foreign Trades Plc and PC House Holdings Plc.


Substantial shares of private limited liability companies of Adam Investments include Network Communications (Pvt) Ltd, Adam Metals (Pvt) Ltd, Adam Apparels (Pvt) Ltd, Adam Automobiles (Pvt) Ltd and Adam Air Conditions (Pvt) Ltd., the release said.


Source»

Wednesday, 23 April 2014 - The Island

Adam Investments IPO on May 19

Adam Investments Limited (AINV), a newly formed investment company which looks at investment, revival and management of a growing number of subsidiary companies as its core business, confirmed that it has received approval to list its shares on the Diri Savi Board, a release said.


‘Adam Investments Ltd received approval to list 449,993,700 shares on the Diri Savi Board of the Colombo Stock Exchange with an Initial Public Offer of 133,333,500 Ordinary Voting Shares at LKR 3 per share for a total consideration of Rs.400,000,500/-


‘Adam Investments Ltd has equity investments in several listed companies including Orient Garments Plc, Ceylon & Foreign Trades Plc and PC House Holdings Plc.


‘The company also has substantial shares of private limited liability companies which include Network Communications (Pvt) Ltd, Adam Metals (Pvt) Ltd, Adam Apparels (Pvt) Ltd, Adam Automobiles (Pvt) Ltd and Adam Air Conditions (Pvt) Ltd.


Source»

Wednesday, 23 April 2014 - Daily News

Adam Investments IPO opens on May 19

Adam Investments Limited will offer 133,333,500 voting shares at a price of Rs 3 per share and the Colombo Stock Exchange has approved an application for the listing of ordinary voting shares of Adam Investments Limited on the Diri Sari Board


The subscription list will open on May 19, 2014.


Managers and capital advisors to the issue is Capital Trust Financial Pvt Ltd.


Adam Investments Limited was incorporated in 2011 to focus on key growth industries that play a pivotal role in the country’s economy.


The companies that function under Adam Investments are Network Communications Pvt Ltd, Adam Metals Pvt Ltd, Adam Apparels Pvt Ltd, Adam Automobiles, Adam Air conditions.(IH)


Source»

Wednesday, 23 April 2014 - Daily FT

Adam Investments goes for Rs. 400 m IPO

Adam Investments Ltd. (AINV), a newly-formed investment company which looks at investment, revival and management of a growing number of subsidiary companies as its core business, confirmed that it has received approval to list its shares on the Diri Savi Board.


Adam Investments received approval to list 449,993,700 shares on the Diri Savi Board of the Colombo Stock Exchange with an Initial Public Offer of 133,333,500 ordinary voting shares at Rs. 3 per share for a total consideration of Rs. 400,000,500.


Adam Investments has equity investments in several listed companies including Orient Garments PLC, Ceylon & Foreign Trades PLC and PC House Holdings PLC.


The company also has substantial shares of private limited liability companies which include Network Communications Ltd., Adam Metals Ltd., Adam Apparels Ltd., Adam Automobiles Ltd. and Adam Air Conditions Ltd.


The Board of Directors of Adam Investments comprises Deshabandhu Dr. Ali Asger Shabbir Gulamhusein (Chairman), Reverend Dr. Lawrence Mervyn Fitzgerald Adams (Chief Executive Officer/Executive Director), Danushya Mediwake Gulamhusein (Executive Director), Taher Abbas Gulamhusein (Non-Executive Director), Idris Shabbir (Non-Executive Director), Malayandi Jeyaprakash (Non-Executive Director), Loolbadd Waduge Waruna Priyankara (Executive Director), Govindasamy Ramanan (Non-Executive Independent Director) and Imran Zahir (Non-Executive Independent Director).


Source»

Wednesday, 23 April 2014 - Ceylon Today

Diversified Adam Investments in Rs 400M IPO

Ceylon FT: Diversified Adam Investments Ltd has received regulatory approval to raise Rs 400 million through an initial public offer (IPO).


The company is offering 133,333,500 shares at Rs 3 each with the IPO opening on 19 May, the stock exchange announced yesterday.



Adam Investments is the holding company of a consortium with interests in apparels, automobile spare-parts, consumer electronics, import/export trade, and freight forwarding Capital Trust Financial is managing the issue with PW Corporate Secretarial functioning as registrars to the issue. According to its website, Adam Investments Ltd was incorporated in 2011 by Chairman Dr. Ali Asger Shabbir Gulamhusein.


Source»

Wednesday, 23 April 2014 - Daily Mirror

Adam Investments announces Rs.400mn IPO

Adam Investments Ltd, a diversified business entity with interests in apparel, consumer goods and information technology, has received Colombo Stock Exchange (CSE) approval to raise Rs. 400 million through an initial public offer (IPO).


The CSE said that the firm will offer 133 million shares at rs. 3 per share and will be listed on the ‘Diri Savi’ board.


Adam’s subsidiary companies include Adam Apparels, Adam Metals and Network Communications (Pvt) Ltd.


Adam Investments has a 39.8 percent stake in Orient Garment PLC, 8.9 percent in Ceylon and Foreign Trades PLC and 10.12 percent in PC House Holdings PLC.


According to the company website, it is planned to increase the shareholding in Orient Garments up to 51 percent within the year 2014 throug a mandatory offer. The firm obtained board control of Orient Garments in January 2014.


The company also has substantial shares in private limited liability companies which include Network Communications (Pvt) Ltd, Adam Metals (Pvt) Ltd, Adam Apparels (Pvt) Ltd, Adam Automobiles (Pvt) Ltd and Adam Air Conditioners (Pvt) Ltd.


The board of directors of Adam Investments Ltd comprises: Deshabandhu Dr. Ali Asger Shabbir Gulamhusein (Chairman), Reverend Dr. Lawrence Mervyn Fritsgerald Adams (Chief Executive Officer / Executive Director), Danushya Mediwake Gulamhusein (Executive Director), Taher Abbas Gulamhusein (Non – Excecutive Director), Idris Shabbir (Non – Executive Director), Mayalandi Jeyaprakash (Non – Executive Director), Loolbadda Waduge Waruna Priyankara (Executive Director), Govindasamy Ramanan (Non – Executive Independent Director) and Imran Zahir (Non – Executive Independent Director).


Subscription for the offer will open on May 19 and will be managed by Capital Trust Financial (Pvt) Ltd. (KP)


Source»

Wednesday, 22 April 2014 - Daily Nation

Adam Investments to raise over Rs.400 Mn in IPO

By Jithendra Antonio


A new trailblazer in Colombo Stock Exchange (CSE), Adam Investments Ltd that has been bailing out sick companies such as PC House Holdings PLC (PCHH) and Orient Garments PLC (OGL) by acquiring stakes will raise nearly four hundred million and five hundred rupees (Rs.400,000,500) in an Initial Public Offering (IPO).


Accordingly in a filing in Colombo Stock Exchange (CSE) on Tuesday the company said that it has approved in principle an application submitted by Adam Investments Ltd., for the listing of 133,333,500 ordinary voting shares at Rs. 3 per share.


The corporate profile outlines that Adam Investments Limited was incorporated in 2011 by Chairman Deshabandhu Dr. Ali Asger Shabbir Gulamhusein, to focus on key growth industries that play a pivotal role in the country’s economy. The companies that function under Adam Investments are Adam Apparels (Pvt) Ltd (owns 21% stake),Adam Automobiles (Pvt) Ltd (owns 100% stake), Adam Air conditioners (Pvt) Ltd. (owns 100% stake), Network Communications (Pvt.) Ltd (NETCOM) (owns 43% stake) and Adam Metals (Pvt) Ltd (owns 47%% stake).


Adam Apparels (Pvt) Ltd, is a premier manufacturer and exporter of garments for leading global fashion labels. For 3 decades the company has contributed to the largest export earning industry in the island, which despite local and international challenges, has continued to grow steadily year on year and Adam Metals (Pvt) Ltd which is one of the oldest manufacturers of metal hardware items in the island is expertly positioned to take advantage of the rapidly booming construction and infrastructure development projects in the island.


Netcom is specialized in manufacturing, importing, retailing and distributing a diverse portfolio of products such as computer accessories, computer hardware, computer software, computers, mobile phones, accessories and electronics. The company also holds the license to operate “external gateway for international communications” and license of International Simple Voice Resale (“ISVR”).


Netcom also operates a high class and accurate repairing facility and service center, which provides fast and easy solutions to customers treating them with utmost priority and providing accurate information. Importing products such as, Viewsonic, Hitachi, Panda, Boistar, Ultrasonic, Blackberry, Nokia and Kingston. The company also offers up to date software solutions and has a vast distributor base that covers the entire island.


Adam Investments Ltd has also acquired 39.8% of Orient Garment PLC (OGL), which is a listed company trading on CSE. Subsequently Adam Investment announced a mandatory offer to purchase the remaining shares under the company takeovers and mergers code. Accordingly AIL is planning to increase the shareholding in OGL up to 51% within the year 2014 through the mandatory offer. AIL has obtained the board control of Orient Garments PLC in January 2014 and as a result Orient Garments PLC has become a subsidiary of AIL. The group has recently inaugurated two new companies, namely Adam Automobiles (Pvt) Ltd and Adam Air conditioners (Pvt) Ltd. In 2011 / 2012 Financial Year with growing volume of vehicle imports to Sri Lanka Adam Automobiles aims to cater to automobile industry demand. Adam Air conditioners (Pvt) Ltd has been inaugurated to tap the growing demand for air conditioning systems in the country.


Adam Investments also has a stake of 8.9% in Ceylon and Foreign Trades PLC (CFT) which is one of the oldest listed companies trading on CSE and has a 10.12% stake of PC House Holdings PLC (PCHH).


The IPO opens on 19th May whilst the company will release the Prospectus from 6th May 2014 and Capital Trust Financial (Pvt) Ltd is the financial advisors and managers to the issue. The issue registrars are P W Corporate Secretarial (Pvt) Ltd.


Source»

Wednesday, 12 February 2014 - Daily FT

Senthilverl triggers takeovers code at Orient Garments

Low profile but high networth investor Dr. T. Senthilverl has triggered the SEC Takeovers and Mergers Code on Orient Garments PLC (OGL).


This is following Dr. Senthilverl buying 8.4 million shares or 15.3% stake in OGL for Rs. 71.4 million. The acquisition saw his overall stake increasing to 37.9% or 20.8 million shares.


Dr. Senthilverl has said he will be making a mandatory offer at Rs. 8.50 per share on Monday. wHe was appointed to OGL Board.


In December Adam Investments Ltd acquired control of OGL with a 40% stake with S.H.M. Rishan’s PCH Holdings becoming a minority shareholder with 21% stake.


Source»

Tuesday, 11 February 2014 - Daily FT

Dr. Senthilverl appointed to Orient Garments Board

High networth investor Dr. T. Senthilverl has been appointed as a Non Executive Director to the Board of Orient Garments Plc with effect from 10 February.


He owns a 15% stake in Orient Garments, control of which was recently acquired by Adam Investments Ltd., with a 40% stake.


Dr. Senthilverl is also a Director of many quoted companies including Vidullanka Plc, C.W. Mackie Plc, Amana Takaful Plc, SMB Leasing Plc, the Finance Plc, FLC Hydro Power Plc and Nawaloka Hospitals Plc.


He is also engaged in projection, construction and management of irrigation tanks, development, industrial turnkey projects, air and sea cargo, logistics and trading.


Source»

Friday, 10 January 2014 - Daily FT

Orient Garments announces new Board of Directors

Orient Garments PLC yesterday announced a new Board of Directors following the change of control recently.


The new Chairman is Dr. Ali Asger Shabbir Gulamhuein who is the Chairman of Adam Investments Ltd., the largest shareholder of Orient Garments PLC, with a 40% stake.


Other members of the new Board are Udeni Abeykoon (Executive Director), Saliya Perera (Executive Director), Dr. Larry Adams (Non Executive Director), L.W. Waruna Priyankara (Non Executive Director), Danushya Mediwake Gulamhusein (Non Executive Director), Idris Shabbir (Non-Executive Director) and Imran Zahir (Non Executive Independent Director).


Dr. Ali Asger Shabbir Gulamhusein holds a PhD from Tokyo, Japan and a degree from King’s College London, UK. Dr. Gulamhusein has been bestowed with the prestigious title of Deshabandhu Manawahithawadhi, Lankaputhra and also serves as advisor to the Ministry of Justice, Ministry of Co-operatives and Internal Trade and as a Justice of Peace (all island). He also serves as a director of Ceylon and Foreign Trades PLC, Adamexpo Ltd., Spice of Life Ltd., Network Communications Ltd., Adam Apparels Ltd., Adam Metals Ltd., Giorgio Morandi Ltd., Sonakshi Investments Ltd., Sonakshi Gems Ltd., Adam Air Conditioners Ltd., Adam Automobiles Ltd., Colombo Apothecaries Company Ltd., Business Chamber of Commerce, Hamilton Resorts Ltd., Ceylon & Foreign Trade Surgi-Tech Ltd., Colombo Freight and Transport Ltd., and Dodwell & Company Ltd.


The Reverend Dr. Adams is the head pastor of the free churches of the Sabaragamuwa District. He has served as a Director of Adam Investments from the inception of the company. He holds numerous qualifications such as PhD, MBA, MTh, BTh, DIP TH, DIP HR, DIP Networking, and DIP Hardware, which he has obtained in Japan, Canada, UK and Sri Lanka.


Reverend Dr. Adams also serves as the Chairman of distributions of Gideon’s International, Chairman of Healed by His Stripes Ministries Sri Lanka and Secretary General of the free churches movement of Sri Lanka. Reverend Dr. Adams is also a prominent public speaker and has been the keynote speaker at prestigious international events such as the CEO forum ASEAN and the CIO/CTO forum of SAARC.


Dr. Adams is a former Director of Tec Sri Lanka and accounts for over 25 years’ experience in top management in Sri Lanka and overseas. He also serves as a Director of Adam Air conditioners Ltd. and Adam Automobiles Ltd.


Danushya Mediwake Gulamhusein is the great granddaughter of Sir William Gopallawa, Sri Lanka’s first President and last Governor General. Gulamhusein has served as a Director of Adam Investments from the inception of the company. She holds a degree in Psychology and Business Management (UK) and also serves as an advisor to the Ministry of Justice and the Ministry of Co-operatives and Internal Trade.


She also serves as a Director of DP Jayasingha Holdings Ltd., G4 Lanka Security Ltd., Sonakshi Investments Ltd., Sonakshi Gems Ltd., Adam Air conditioners Ltd., Peace Air Ltd., and Adam Automobiles Ltd.


Waruna Priyankara has served as a director of Adam Investments from the inception of the company. He holds a National Diploma in Business and Finance (Sri Lanka). Priyankara is an associate member of the Institute of Certified Management Accountants of Sri Lanka. He accounts for over 10 years’ experience in financial services, trading and manufacturing. He also serves as a Director of Ceylon and Foreign Trades PLC, Adam Air Conditioners Ltd., Adam Automobiles Ltd., Ceylon and Foreign Surgi-tech Ltd., Dodwell & Company Ltd. and Colombo Apothecaries Company Ltd. Udeni Abeykoon experience in the apparel industry spans over 30 years at management and senior management level starting from a cost accountant, Senior Merchandiser and General Manager Marketing. She was awarded the Marketing Value Award by TESCO UK Ltd. during 2010/2011 and Best Sri Lanka innovator award by TESCO UK Ltd. during 2011. She had led the OGL to become number one in Sri Lanka for woven products by being 5th in the global arena. She is introduced the woven bottoms and ladies wear denim business to Sri Lanka. She has served for Orient Garment PLC for 10 years as the Deputy General Manager. She is design oriented and got hold of premiere customers in the apparel sector based In USA, UK and the EU. Saliya Perera is a double qualified Chartered Accountant and also a Graduate in Business Management (Bsc. Hons) of University of Sri Jayawardenepura .He having more than 18 years of extensive experience in working for different industries such as telecommunications, apparels and construction and engineering with a sound track record in financial management and administration and operations at top corporate level. A very effective strategist in business process re-engineering, he is a dedicated individual who has built up a reputation for unwavering accuracy and credibility; proven to deliver high quality work to meet corporate objectives.


Imran Zahir is a fellow Member of the Charted Institute of Management Accountants – UK. He counts over a decade experience in finance, Islamic banking and business. Idris Shabbir has served as a Director of Adam Investments from the inception of the company. He holds a Master’s Degree in the field of Information System Management from the University of Aberdeen, Scotland. Shabbir counts over 15 years’ experience in top management in Sri Lanka and overseas. He also serves as a Director of Business Chamber of Commerce, Ceylon and Foreign Trades PLC, Adamexpo Ltd., Spice of Life Ltd., Network Communications Ltd., Adam Apparels Ltd., Adam Metals Ltd., Giorgio Morandi Ltd., Hamilton Resorts Ltd., Ceylon and Foreign Surgi-tech Ltd., Dodwell & Company Ltd. and Colombo Apothecaries Company Ltd.


Source»

Friday, 10 January 2014 - Daily FT

Adam Investments takes over Orient Garments Board

Adam Investments has taken over the Board of Orient Garments Plc, following the acquisition of controlling interest. Eight nominees were appointed with Dr. Ali Asger Shabbir Gulamhusein as the Chairman. Orient Garments Plc Chairman S.H.M. Rishan and four other Directors resigned.


Source»

Monday, 06 January 2014 - Daily FT

Adam Investments opens state of the art garment factory in Kongala, Hakmana

Adam Investments Ltd was incorporated in 2011 by Chairman Deshabandhu Dr. Ali Asger Shabbir Gulamhusein, to focus on key growth industries that play a pivotal role in the country’s economy. Adam Apparels Ltd., a major company that functions under Adam Investments, is a premier manufacturer and exporter of garments for leading global fashion labels. For three decades this company has contributed to the largest export earning industry in the island, which despite local and international challenges, has continued to grow steadily year by year.


On Wednesday 1 January 2014 at 11:20 a.m. Adam Apparels launched its state of the art garment factory that is equipped to cater to international market standards. The occasion was graced by Minister of Investment Promotion Lakshman Yapa Abeywardena and Adam Investments Group Director M. Jayaprakash. A professional senior management team headed by Director Udeni Abeykoon, trained and equipped to deliver perfection meeting international standards, would cater to the needs of about 1,000 people seeking employment. My vision is to make Adam Apparels a leader to all top end customers and plan to introduce our own designs to UK customers.


On 24 June 2013 Adam Apparels opened its own state of the art design centre, in the heart of Colombo which has grown rapidly that is equipped to cater to the international market standards. A factory already exists in Hungurankatha and in a short space of time we have now acquired a second factory in Hakmana.


Established in 1978, the company is one of the premier apparel manufacturers in Sri Lanka that carries out all forms of production to meet ISO management system standards. It has its factories spanning over an area approximately four acres. With over 1,000 employees and 300 computerised industrial sewing machines, Adam Apparels has a present production capacity of approximately 400,000 to 600,000 items of clothing per annum.


The company specialises in manufacturing of woven items of clothing for kids, ladies and gents. Adam Apparels has a clientele of international labels such as BHS, Mothercare and Sainsburry. The company’s primary export markets for its finished products are UK, USA and the EU. With over three decades of production and service under its belt, the company strives to ensure the highest quality of customer service. Customer satisfaction is its focus and the success of the organisation bears testament to the degree of quality and service provided by it.


Source»

Monday, 09 December 2013 - Daily FT

Adam Investments looking for more acquisitions in growth sectors

Chairman Ali Asger Shabbir Gulamhusein says no forced sale in PCHH stake but move was part of strategic shedding


The newest name in corporate takeovers, Adam Investments Ltd., is looking for further acquisitions in PCH Group and outside. “At present we are studying further acquisitions in the PC House Group and well as outside in key growth economic sectors,” Adam Investments Ltd., Chairman Ali Asger Shabbir Gulamhusein told the Daily FT.


ast week Adam Investments Ltd. (AINV) bought a 29.7% stake (16.35 million shares) in Orient Garments Plc, the PC House Group subsidiary, for Rs. 131 million paying Rs. 8 per share. With a 10% stake previously, it triggered the SEC’s Takeovers and Mergers Code. A mandatory offer to acquire 60% stake or 33 million shares at Rs. 8 each in an exposure worth Rs. 264 million was announced last week. OGL share hit an intra-week high of Rs. 8.30 before closing at Rs. 8, up by 30 cents from a week earlier. Its 52-week highest price was Rs. 14.50.


It was the first SEC-mandatory offer-triggering acquisition of a listed entity by AINV. Previously it acquired a strategic stake in the listed Ceylon and Foreign Trades Plc. The company also owns a 10% stake in PCH Holdings and is the largest single shareholder.


Ali owns a 97.8% stake in Adam Investments Ltd., which has diversified interests.


In response to the Daily FT article last week, Ali clarified that there was no forced sale of AINV shares in PCHH held in the margin account of Pan Asia Bank. “We wanted to reduce our exposure to PCHH and it was a planned shedding as we were focusing on Orient Garments last week,” Ali added.


He said that after extensive research into listed and private companies for acquisition, the Board of AINV concluded that PCH Holdings Plc was an ideal investment choice for AINV. “Its (PCHH) diversified businesses of apparel exports, pharmaceutical distribution and activated carbon exports suited our requirement of expansion and diversification,” Ali said.


After conducting sufficient due diligence, AINV acquired 22% of PCHH with a plan to accumulate further stakes in the company.


“However, subsequent to the purchase, we ran into two issues. Firstly, we were unable to find further blocks of shares for sale that would permit us to reach our target. Secondly, the price of PCHH had increased by 100% subsequent to our acquisition, which meant that our valuation justification for the purchase had now changed,” explained Ali.


Accordingly AINV quickly reinvented it strategy, Ali said, adding that the company decided to focus only on Orient Garments PLC as sufficient quantities were available for purchase and provided a more attractive valuation based on its net assets and market price.


As at 31 March, OGL’s net assets value per share stood at approximately Rs. 14 whereas the market price was approximately 5.50 per share.


“With this strategy change adopted, AINV quickly purchased up to approximately 40% of OGL over a period of three months, accumulating enough to become the single largest shareholder of the company and triggering the mandatory offer,” Ali said.


Accordingly, during the same period AINV started to dispose of its shares in PCHH, realising its near 100% gain, he added.


Finco was the second largest single shareholder of OGL after PCHH, with a stake of approximately 16% “Acquiring this stake was critical to our strategy; however FINCO was not favourable to disposing this on its own as they wanted to sell off their stake in PCHH. Finally a deal was struck where we agreed to acquire their 10% stake of PCHH at Rs. 2 per share along with their 16% stake at Rs. 8 per share,” Ali recalled.


High net worth investor Dr. T. Senthilverl as of end September held a 14% stake in Orient Garments and is likely to support AINV. Both Orient Garments and PCHH made losses in the first half of FY14.


AINV was incorporated in 2011 by Chairman Deshabandu Dr. Ali Asger Shabbir Gulamhusein, to focus on key growth industries that play a pivotal role in the country’s economy. The company has adopted an expansion by acquisition strategy which saw it making investments in diversified business such as Adam Apparels Ltd., Ceylon & Foreign Trades PLC, Adam Metals Ltd., Network Communications Ltd. and recently PCH Holdings PLC & Orient Garments PLC.


“These acquisitions have positioned AINV in some of our country’s key growth business sectors,” Ali said.


Source»

Thursday, 05 December 2013 - Daily FT

Adam Investments make mandatory offer on Orient Garments

No mandatory offer on PCH Holdings since present stake at 16% – far below 30% threshold


PABC disposes near 20 m Adam Investments’ PCHH shares held in margin trading account


Adam Investments Ltd. yesterday announced its mandatory offer at Rs. 8 per share to remaining shareholders of Orient Garments Plc, whilst there will be no such offer on PCH Holdings Plc since the stake is far below the 30% threshold.


PCH Holdings’ Secretaries Global Corporate Solutions on Tuesday in a filing to the CSE said Adam Investments’ stake in PCH Holdings as of 2 December was 16.26%. This was following Adam Investments buying 25.5 million shares or a 10.12% stake in PCHH for Rs. 51 million on Monday.


In its report on Tuesday, the Daily FT, based on Adam Investments’ stake of 20.76% as of end September 2013 shareholding in PCHH and the 10.12% stake acquired on Monday, stated that the former has triggered the SEC’s Takeovers and Mergers Code and would make a mandatory offer. However, as per the disclosure by PCHH’s secretaries, it is now confirmed that Adam Investments has indeed reduced its holdings in PCHH since end September. On Monday 37.5 million shares (a 15% stake) of PCHH traded for Rs. 71.46 million.


In fact Daily FT now learns that whilst it acquired a 10% stake in PCHH on Monday at Rs. 2 per share from Finco Group, in a bizarre development, Pan Asia Bank sold around four million PCHH shares worth around Rs. 8 million held in margin trading account by Adam Investments. Pan Asia Bank also sold a further 15 million shares or a 6% stake in PCHH held by Adam Investments in margin account on Tuesday for Rs. 27 million.


On the buying side on Tuesday was also Dr. T. Senthilverl, who picked up Rs. 28 million worth of PCHH shares.


Meanwhile, Adam Investments Plc yesterday formally announced the mandatory offer on Orient Garments Plc, a subsidiary of PCHH at Rs. 8 per share.


This was following Adam Investments on Monday buying a 13.65% stake or 7.5 million shares at Rs. 8 each in a deal worth Rs. 60 million. This acquisition pushed Adam Investments’ overall holding in Orient Garments to 39.78% as of 2 December 2013. On Monday, 17.14 million shares of Orient Garments or a 31% stake traded for Rs. 137 million.


In its original filing on Monday, Orient Garments secretaries disclosed only the purchase of 7.5 million shares by Adam Investments. This incidentally was via the margin account at Pan Asia Bank Plc.


That apart, Adam Investments bought a further nine million shares of Orient Garments on its own account at Rs. 8 per share. Directly bought shares were those held by Finco Group, whilst what was purchased via the PABC margin account was PCHH Holdings’ stake in Orient Garments deposited with Merchant Bank Plc.


As part of the announcement of mandatory offer, Adam Investments yesterday confirmed it bought a 29.7% stake or 16.35 million Orient Garments shares at Rs. 8 each.


The offer is to acquire 33 million shares of Orient Garments held by others and if accepted, Adam Investments will be paying Rs. 264 million. Yesterday the stock price hit an intra-day high of Rs. 8.30 before closing at Rs. 8.


Dr. Senthilverl as of end September held a 14% stake in Orient Garments and is likely to support Adam Investments. PCH Holdings’ stake in Orient Garments was 39.34%, of which MBSL sold a 13.65% stake.


Both Orient Garments and PCHH made losses in the first half of FY14.


Source»

Tuesday, 03 December 2013 - Daily FT

Adam Investments zeroes in on PCH Holdings group biz with Rs. 179 m buy

Triggers Takeovers Code by upping stake to over 30% in PCHH and Orient Garments


Chairman Rishan fast losing control as losses mount; Finco exits from both ventures


Adam Investments Ltd. is reinforcing itself as the latest hunter of acquisitions as it zeroed in further on troubled PCH Holdings PLC with two separate investments worth around Rs. 179 million.


In separate deals, Adam Investments Ltd., yesterday bought 25.5 million shares amounting to 10.12% stake in PCH Holdings for Rs. 51 million. This acquisition saw Adam Investments triggering the SEC Takeovers and Mergers Code with a collective stake of 31% as it previously held 20.76% stake.


The price paid for the loss making PCHH yesterday was Rs. 2 per share, 30 cents above last week’s closing. Its 52-week highest price was Rs. 9. Net asset per share is a negative 10 cents. The seller was Finco Holdings Ltd.


Adam Investments Ltd. also bought around 29% stake in Orient Garments PLC, under the PC House Holdings PLC., for Rs. 128 million paying Rs. 8 per share. Previously it held 10% stake. Sellers were Finco Group (16%) and 14% held by PCHH and Orient Garments Chairman S.H.M. Rishan’s stake and pledged to Merchant Bank. As at end September PCHH held 39.3% stake in Orient Garments.


Adam Investments is expected to announce separate mandatory offers on both PCHH and Orient Garments.


Adam Investments is also a leading investor in the Colombo Stock Market and presently owns 9% of Ceylon and Foreign Trades PLC which is one of the oldest listed companies trading on the market.


PCHH in the second quarter of FY14 suffered a loss of Rs. 597 million, though down from Rs. 862 million a year earlier. First half losses were Rs. 683 million, up from Rs. 52 million a year earlier.


Chairman Rishan’s Dynaris Holdings Ltd., owns a 39.89% stake in PCHH whilst separately holding a 12% stake. A year ago Dynaris held a 58.7% stake whilst Rishan held a further 11% stake.


Orient Garments suffered a loss of Rs. 144.2 million in the first half of FY14, up from a Rs. 27 million loss.


Apart from PCH Holdings, Dr. T. Senthilverl owns 14.25% stake in Orient Garments.


Last week Dr. Senthuilverl purchased 6 million shares (close to 2% stake) of PC House (PCH) thereby increasing his shareholding in PCH to 11.0%. As at end September 2013, he held 10.26% stake.


In PC House, Rishan holds a 21% stake and Dynaris holds a further 10.7% stake. Since October he has been partly shedding stakes in several related companies.


Adam Investments was incorporated in 2011 by Chairman Dr. Ali Asger Shabbir Gulamhusein, to focus on key growth industries that play a pivotal role in the country’s economy.


The companies that function under Adam Investments are: Adam Apparels Ltd., a premier manufacturer and exporter of garments for leading global fashion labels. For three decades this company has contributed to the largest export earning industry in the island, which despite local and international challenges, has continued to grow steadily year on year.


Adam Metals Ltd., which is one of the oldest manufacturers of metal hardware items in the island, is expertly positioned today to take advantage of the rapidly booming construction/infrastructure development projects in the island. Network Communications Ltd. is the group’s IT/Electronics arm.


With the rapid urbanisation of the island and the Government’s systematic drive to push the ICT industry forward, Network Communications shows a very promising future as a key player in a major Sri Lankan industry of the future.


The group recently inaugurated two new companies, namely Adam Automobiles Ltd. and Adam Air Conditioners Ltd. In 2011 / 2012 Sri Lanka saw its largest ever volume of vehicle imports.


Thus Adam Automobiles was conceived with the aim to provide spares and services to cater to the rapidly increasing demand for these items. 2012 saw a drop in importation of consumer electronics except for three items which were, TVs, mobile phones and air conditioners.


Since the group is already engaged in the importation of TVs and mobile phones through Network Communications Ltd., Adam Air Conditioners Ltd. was inaugurated to tap the growing demand for air conditioning systems in the country.


Source»

Thursday, 07 November 2013 - Daily News

Adams likely to buy 10% of Finco

Ten percent shares of both Orient Garments and PC House Holdings that belong to Finco Group are likely trade with Adams Investment.


Adams Investment is one of the Colombo Stock Market listed companies incorporated in 2011. It is focusing on key growth industries that play a pivotal role in the country's economy.


One of the companies that function under Adam Investments are - Adam Apparels (Pvt) Ltd, a premier manufacturer and exporter of garments for leading global fashion labels.


Source»

Sunday, 08 September 2013 - Sunday Times

Adam Investments says PCH Holdings entry in line with core businesses

Troubled computer solutions company, PCH Holdings sold a 33.39 percent stake in the company to Adam Investments Ltd (Adam).


The transaction took place over two crossings on August 30. Adam initially purchased 52.3 million shares or 20.8 percent of the company's stake followed by a further 31.7 million shares or 12.59 percent of the company at a price of 80 cents per share.


Major sellers included PCH Chairman S.H.M. Rishan and his private holding company, Dynaris Holdings Ltd.


Prior to the sale, Dynaris held a 55 percent stake in PCH Holdings with Rishan holding a further 17 percent stake as at June 2013.


PCH Holdings is the parent company of PC House PLC. Both companies recorded serious attrition to share value from a high of Rs.30 per share in February 2011 down to the current value of 80 cents to the share.


The stock had previously managed to draw investment from the Employees’ Provident Fund. Which had reportedly taken on a 3.3 percent stake in the company.


A relatively new entrant to the market, Adam Investments maintain a diversified portfolio which includes apparels, automobiles, metals, network communications and air conditioners.


Incorporated in 2011 and operated by Chairman, Managing Director and CEO Dr.Ali Asger Shabbbir Gulamhusein. Adam Investments more recently purchased a stake in Ceylon and Foreign Trades PLC.


Source»

Tuesday, 03 September 2013 - The Daily Mirror

Adams ups stake in PC House to 33%

Troubled computer solutions company, PCH Holdings sold a 33.39 percent stake in the company to Adam Investments Ltd (Adam).


The transaction took place over two crossings on August 30. Adam initially purchased 52.3 million shares or 20.8 percent of the company's stake followed by a further 31.7 million shares or 12.59 percent of the company at a price of 80 cents per share.


Major sellers included PCH Chairman S.H.M. Rishan and his private holding company, Dynaris Holdings Ltd.


Prior to the sale, Dynaris held a 55 percent stake in PCH Holdings with Rishan holding a further 17 percent stake as at June 2013.


PCH Holdings is the parent company of PC House PLC. Both companies recorded serious attrition to share value from a high of Rs.30 per share in February 2011 down to the current value of 80 cents to the share.


The stock had previously managed to draw investment from the Employees’ Provident Fund. Which had reportedly taken on a 3.3 percent stake in the company.


A relatively new entrant to the market, Adam Investments maintain a diversified portfolio which includes apparels, automobiles, metals, network communications and air conditioners.


Incorporated in 2011 and operated by Chairman, Managing Director and CEO Dr.Ali Asger Shabbbir Gulamhusein. Adam Investments more recently purchased a stake in Ceylon and Foreign Trades PLC.


Source»

Wednesday, 03 July 2013 - DailyFT

Adam investments forges forward with Adam Apparels

Adam Investments Ltd. was incorporated in 2011 by Chairman Deshabandhu Dr. Ali Asger Shabbir Gulamhusein, to focus on key growth industries that play a pivotal role in the country’s economy. Adam Apparels (Pvt) Ltd., a major company that functions under Adam Investments, is a premier manufacturer and exporter of garments for leading global fashion labels. For three decades this company has contributed to the largest export earning industry in the island, which despite local and international challenges, has continued to grow steadily year on year.


On Monday 24 June, 2013 Adam Apparels launched its state of the art design centre that is equipped to cater to international market standards. The occasion was graced by Union Bank PLC Chief Operations Officer Nilantha de Silva, Adam Investments Chairman Deshabandu Dr. Ali Asger Shabbir Gulamhusein, Union Bank PLC Accounts Manager Sanjaya Rajaguru and Group Directors of Adam Investments, Dr. Larry Adams, M. Jayaprakash and Waruna Priyankara.


The launching of the design centre marks a giant leap for Adam Apparels as it bulldozes forward, taking the apparel industry in Sri Lanka to greater heights. A professional design team headed by Udeni Abeykoon are trained and equipped to deliver perfection, meeting international standards. Speaking to the press Abeykoone said: “My vision is to make Adam Apparels the leading denim manufacturer and exporter in Sri Lanka. We are using new fabric, with new washes, new finishes and new technology. We are already on the right track to revolutionise the denim aspect of the fabric industry in Sri Lanka which has not been tapped into on a full scale as yet. We are already negotiating deals with key clients from the UK and USA who are very open to our presentations. We have the ability to design any item to the specification of the buyer, with only an artwork of their requirement. Currently we specialise in ladies and kids wear, catering to the latest fashion trends from around the world.”


Established in 1978, the company is one of the premier apparel manufacturers in Sri Lanka that carries out all forms of production to meet ISO management system standards. It has its factories spanning over an area of approximately four acres. With over 500 employees and 300 computerised industrial sewing machines, Adam Apparel has a present production capacity of approximately 400,000 to 600,000 items of clothing per annum.


The company specialises in manufacturing of woven items of clothing for kids, ladies and gents. Adam Apparel has a clientele of celebrated international labels such as, BHS, Mothercare and Sainsburys. The company’s primary export markets for its finished products are the UK, USA and the EU. With over three decades of production and service under its belt, the company strives to ensure the highest quality of customer service. Customer satisfaction is its focus and the success of the organisation bears testament to the degree of quality and service provided by it.


Source»

Tuesday, 30 June 2013 - Sunday Observer

Adam Apparels opens design center

Adam Apparels launched its state-of-the-art design centre equipped to cater to international market standards. Chief Operations Officer of Union Bank Plc, Nilanth De Silva, Chairman, Adam Investments, Asger Shabbir Gulamhusein, Accounts Manager, Union Bank Plc, Sanjaya Rajaguru and Group Directors of Adam Investments, Dr. Larry Adams, M. Jayaprakash and Waruna Priyankara were present.


The launch of the design centre marks a giant leap for Adam Apparels as it moves forward, taking the apparel industry in Sri Lanka to greater heights. Adam Apparels Director Operations Mrs. Udeni Abeykoon said, "My vision is to make Adam Apparels the leading denim manufacturer and exporter in Sri Lanka.


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Sunday, 11 June 2013 - Daily News

Adam Investments Buys 12.5 Mn Shares of Ceylon and Foreign Traders

Sri Lanka, June 11 -- Dr Ali Asger Shabbir Gulamhusein and Danushya Mediwake Wethasinghe Gulamhusein controlled entity Adam Investments purchased 8.9% stakes of Ceylon & Foreign Trades via a private crossing on the Colombo Stock Exchange.


Dr Ali Asger Shabbir Gulamhusein serves as Chairman of the Board of Adam Investments Limited.


He holds a PhD from Tokyo, Japan and a Degree from King's College London, UK. Dr Gulamhusein also serves as advisor to the Ministry of Justice, Ministry of Co-operatives and Internal Trade .


Danushya Wethasinghe Gulamhusein has served as an Executive Director of Adam Investments from the inception of the company.


She holds a degree in Psychology and Business Management (UK). Adam Investments Limited was incorporated in 2011, to focus on key growth industries that play a pivotal role in the country’s economy.


The companies that function under Adam Investments are, Adam Apparels (Pvt) Ltd., a premier manufacturer and exporter of garments for leading global fashion labels.


For 3 decades this company has contributed to the largest export earning industry in the island, which despite local and international challenges, has continued to grow steadily year on year.


Adam Metals (Pvt) Ltd which is one of the oldest manufacturers of metal hardware items in the island is expertly positioned today to take advantage of the rapidly booming construction/ infrastructure development projects in the island.


Network Communication (Pvt) Ltd is the group’s IT/Electronics arm. With the rapid urbanization of the island and the government’s systematic drive to push the ICT industry forward, Network Communication shows a very promising future as a key player in a growing ICT industry in the future Sri Lanka.


The group recently inaugurated two new companies, namely Adam Automobiles (Pvt) Ltd and Adam Air conditioners (Pvt) Ltd. In 2011 / 2012 Sri Lanka saw its largest ever volume of vehicle imports.


Thus, Adam Automobiles (Pvt) Ltd was conceived with the aim to provide spare parts and services to cater to the rapidly increasing demand for these items. 2012 saw a drop in importation of consumer electronics except for three items, which were, TVs, mobile phones and air conditioners.


Since the group is already engaged in the importation of TVs and mobile phones through Network Communications (Pvt) Ltd, Adam Air conditioners (Pvt) Ltd was inaugurated to tap the growing demand for air conditioning systems in the country and the company has already place the purchase orders and opened L/C to import Air Conditioners from China.


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