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    HVA Foods plc is engaged in processing, packing and export of teas. The Company is also engaged in the development, manufacture and distribution of tea extract-based products, contract packing of teas and franchise operations of tea cafes. The Company's geographical segments include Russia and the Commonwealth of Independent States (CIS), Far East/Asia, Europe, the United States/Canada, and the Middle East and Africa. It offers various product categories, including INFINI-T Range, Paradise Range, Paradise Premium Series, Paradise Regional Specialities, Pride of Ceylon, Herbal Infusions, Ice Tea Tetra Packs, Ice Tea Concentrate, King Coconut Water with Tea, Gift Teas and Tea Accessories. Its products include INFINI-T Noble Series, INFINI-T Royal Series Queen, Black Tea FBOP Loose Leaf 100g, English Breakfast Black Tea 25 Tea Bags, Green Tea- Loose Leaf 100g, Strawberry Black Tea 25 Tea Bags, Heladiv Pride of Ceylon 25 Sachet pack and Heladiv Ice Tea Concentrate Lemon 750 ml.
    "The best values today are often found in the stocks that were once hot and have since gone cold"

  • #2
    March 15, 2019 (LBO) – Colombo Stock Exchange CSE listed HVA Foods (HVA) has avoided an impending trading suspension by resolving accounting issues flagged by the CSE. Shares were set to be suspended from trading next week.

    Shares spiked almost 40% on the news on a light Rs4mn in trading volume.

    The CSE released the following disclosure on the subject: “ENFORCEMENT ACTION IN TERMS OF CSE LISTING RULES:NOTIFICATION RE.TRADING SUSPENSION

    15 March 2019

    The company has resolved the matters giving rise to the Modified Audit Opinion in the Audited Financial Statements of the company for the year ended 31st March 2018. Therefore, the Trading of the securities of the company will not be suspended with effect from 19th March 2019.”

    The accounting issues were resolved by taking provisions of approximately Rs140mn for doubtful amounts relating to VAT receivable and amounts due from related parties.

    The provisions will likely result in a large loss in the March 2019 quarter, and a reduction in NAV/share from over Rs7 per share from the December 2018 quarter down to near Rs5/share.
    "The best values today are often found in the stocks that were once hot and have since gone cold"

    Comment


    • #3
      one of Biggest manipulated involved share in my CSE history...Next market mover....LoL! I would like to c their next AR....then we will able to c another 4 mn of selling...and no buyer on the board!

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