Bieco Link Carbons assets free of encumbrances

Monday, 16 February 2015 00:00 - - {{hitsCtrl.values.hits}}

. Adam Investments Plc last week said assets of Bieco Link Carbons Ltd. are now free of any encumbrances Bieco has recently settled liabilities worth Rs. 151 million at DFCC Vardhana Bank in full. Bieco is a fully-owned subsidiary of PCH Holdings, which is a subsidiary of Adam Invest

ments. Adam Investments’ Board last week ratified the lending of Rs. 151 million to Bieco at an annual interest rate of 8% per annum on 26 November 2014. The repayment is due on demand. The funds were utilised for settlement of Bieco liabilities in DFCC Vardhana Bank. Adam also said as per the interim financial statement of 30 September 2014, property, plant and equipment value of PCH Holdings were stated as Rs. 22.8 million due to removal of Bieco from its books. Subsequent to the acquisition by Adam and reinstatement of Bieco to PCH Holdings, a fresh valuation has been carried out to ascertain the fixed asset value of Bieco. Accordingly, the fixed assets of Bieco have been valued at Rs. 532 million by a qualified valuer and this value will be reconstituted to the assets of PCH Holdings in the 31 December 2014 financial statements. Previous valuation dated 28 August 2011 carried a value of Rs. 401.1 million.