Hemas not selling e-channelling

Despite stockmarket buz of Hemas Holdings Limited (HHL), divesting its 25 percent stake in e-channelling, top company officials denied such rumours. “Hemas is having a difficult year. They have 4.3 million shares on e- channelling . If they dispose of this they can make liquid cash,” a stock market analyst said .

He said the company received various offers which they studied from time to time but there were no such plans. “There is no such decision to sell our stock in e-channelling,” said Hemas CEO, Hussein Esufally.

HHL recorded a turnover of Rs. 3.57 billion for the third quarter ending September 2007 showing a year an year growth of 12 percent. Operating profit closed at Rs. 322 million for the quarter, down by 27 percent compared to the same period last year. Profit defined for Rs. 310 million to Rs. 176 million for the second quarter of the year due to a 49 percent increase in finance cost.

Fast moving consumer goods (FMCG) sector was the highest perform with Rs. 1.08 billion turnover, but its profits declined to Rs. 100 million from last year’s Rs.132 million for the same quarter. When asked whether HHL will be venturing to Maldives , Esufally said HHL is interested in investments in the hotel sector, but awaiting the right opportunity.