Classified diversified PCH Holdings debuts today

PCH Holdings Ltd., will debut on the CSE’s Diri Savi Board today as a Diversified Holding.

Around 252 million shares of PCH Holdings will be listed with PCHH-N-0000 as the security code assigned. Its reference price is Rs. 10 per share whilst its net asset value of Rs. 5.74 and Earnings Per Share was Rs. 5.54.

Reference price based on a NAPS and sector multiple is Rs. 11.46 and based on EPS and sector multiple is Rs. 91.86. However using a conservative approach the PCHH’s reference price has been arrived based on the NAV per share and sector multiple method. The price of Rs. 11.46 has been rounded down to Rs. 10 reflecting a 12.74% discount to the sector multiple.

PCHH is a subsidiary of Sansiyo Corporation Ltd., (100% owned by Chairman S.H.M. Rishan) which owns 76.6% of its share capital. Further 10% stake is also held by Rishan.

During the financial year on 31 March 2012, PCHH has achieved an after tax profit of Rs. 1.4 billion, up from Rs. 45.3 million. This was largely on Rs. 968.8 million in other income due to disposal of share investments.

Group operating profit was Rs. 386 million, up from Rs. 157.8 million in FY11.

PCHH owns 51% stake in Orient Garments Plc, 62.5% in PC Pharma Plc, 51% in Stafford Orient Ltd., and 22.3% in Priority Garments Ltd. Furthermore it owns 100% of Bieco Link Carbons Ltd., and 49% in Black Eagle International a security services entity. It also owns 40% in Serendib Investments Holdings, 36% in Serendib Engineering and Agencies Ltd., and 35% in CCC Plantation Engineering Ltd.

Meanwhile PCH Holdings yesterday collected more quantities of the IT-sector entity PC House from related parties. Around 3.47 million PC House shares traded between a high of Rs. 7 and a low of Rs. 6.60 before closing 30 cents up to Rs. 6.80. Related entity PC Pharma also saw 1.27 million shares traded before closing 60 cents up to Rs. 14.30.