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.
/www.dailynews.lk
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.
/www.dailynews.lk
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