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  • Finally....hopefully Mon will see a mini run and with this re-energize CSE. Today NFI will also stands good for some consolidation and pickup bef Mar31

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    • East was speculative driven rally. Few traders made use of the short term trend. Study the next trend & take positions accordingly

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      • EAST https://cdn.cse.lk/cmt/upload_report...40.12.2018.pdf

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        • Are they selling fully or only specific entities? How will they settle out?

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          • gobinath - some info for you reference. 😊
            Attached Files

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            • March 12, 2019 (LBO) – Colombo Stock Exchange listed East West Properties (EAST) has reported a crippling loss which has almost wiped out the entire equity of the firm.

              The group, which is the controlling shareholder of the Marriot hotel in Weligama is suffering under a crippling debt load of over close to Rs6bn, It is unclear based on the asset base of the firm, and the repeated quarterly losses ,how this debt will be continue to be serviced.

              In the quarter ended December 2018, the group lost close to Rs400mn, and over Rs1bn for the previous nine months. With the hotel industry down south moving into the off season, it is doubtful that these losses will stop.

              The current balance sheet of over Rs7bn is now being supported by equity of approximately Rs300mn as of December. It is a possibility that by the end of the current quarter, there may be no equity left.

              The independent auditor has issued a report concerning an emphasis of a matter of going concern.

              The company just posted a disclosure of an Extraordinary General Meeting (EGM) where they hope to approve the sale of the company owning the Marriot Hotel in Weligama ‘at the best possible price’. Since this is a major transaction, it needed to be approved at an EGM by shareholders.

              Just yesterday there was an unusual flurry of trading and a spike in the share price (EAST).

              East West is owned by the Wijesuriya family. Shares in the company were relatively recently transferred from Nahil Wijesuriya to his children who are the largest shareholders in the company as of the last shareholder list filed with the December quarterly accounts.

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              • MTD in the making.

                Retailers beware !

                Comment


                • Originally posted by badinvestor View Post
                  March 12, 2019 (LBO) – Colombo Stock Exchange listed East West Properties (EAST) has reported a crippling loss which has almost wiped out the entire equity of the firm.

                  The group, which is the controlling shareholder of the Marriot hotel in Weligama is suffering under a crippling debt load of over close to Rs6bn, It is unclear based on the asset base of the firm, and the repeated quarterly losses ,how this debt will be continue to be serviced.

                  In the quarter ended December 2018, the group lost close to Rs400mn, and over Rs1bn for the previous nine months. With the hotel industry down south moving into the off season, it is doubtful that these losses will stop.

                  The current balance sheet of over Rs7bn is now being supported by equity of approximately Rs300mn as of December. It is a possibility that by the end of the current quarter, there may be no equity left.

                  The independent auditor has issued a report concerning an emphasis of a matter of going concern.

                  The company just posted a disclosure of an Extraordinary General Meeting (EGM) where they hope to approve the sale of the company owning the Marriot Hotel in Weligama ‘at the best possible price’. Since this is a major transaction, it needed to be approved at an EGM by shareholders.

                  Just yesterday there was an unusual flurry of trading and a spike in the share price (EAST).

                  East West is owned by the Wijesuriya family. Shares in the company were relatively recently transferred from Nahil Wijesuriya to his children who are the largest shareholders in the company as of the last shareholder list filed with the December quarterly accounts.
                  Sri lankans...... wonder in Asia Retailers love gilmarts, news,deal etc......... No one likes to collect good tec/fund counters...........
                  Last edited by ruwan326; 03-12-2019, 10:23 AM.

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                  • Feel sorry for them. They will regret when valuations come out. It will take humongous time to repay the loan which thad been taken.

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                    • some bullish signs on selected shares, can the momentum continue for the benefit of the players
                      "The best values today are often found in the stocks that were once hot and have since gone cold"

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                      • 10 to 22 and 12.5 to 17 so far, love to see similar trends across all other shares, not one or 2. that could be the game changer, to change the sentiment
                        "The best values today are often found in the stocks that were once hot and have since gone cold"

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