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| Sunday, 17 October 2004 |
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| News Business Features Editorial
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East West proceeds with property disposal East West Company disposed of its famous Forbes and Walkers building at Navam Mawatha to Merril J Fernando (MJF) group at Rs 360 million, which would increase the company's cash inflow, market sources predict. At present, the company is in the process of negotiating to dispose of some of their other properties, which are now in progress,market sources emphasised . However, the shareholders are also looking forward to a handsome dividend once the properties are finalised for disposal, according to sources. It is also predicted that cost per share of East West will increase by another Rs 20 and it is now trading at Rs 27.00 at the Colombo Stock Market, market sources said. East West's liabilities amount to around Rs 160 million and their settlement following the sale of the building is expected to boost the campany's cash position.This prospects saw investors going after East West in recent weeks on the anticipation of possible high dividend. The controlling shares of East West are held by Group called British Virgin Island. However, Group Director East West Lakshman Sirimana said that the company is not looking forward for any buyer to sell its existing properties and added that the company might proceed with its plans to sell if their would be good offers. He said that if they get good offers for IBM building at Nawam Mawatha and few warehouses in Paliyadagoda, the company will go for it in the best interest of its shareholders.The company has issued 17.28 million shares to the public. Last week 1.5 million shares traded and gained by Rs 3. East West's earnings per share is Rs 10.18, Price Earnings Ratio is a low 2.65 times, while its book value per share is Rs 18. (HHS) |
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