Thursday 23rd February 2012

Pelwatte Sugar delays Rs. 306 m Rights pending Bill

Published : 2:43 pm  November 4, 2011  |  Category: Breaking News  |  Leave a Comment  |  

Pelwatte Sugar Industries Plc said today it was delaying the Rs. 306 million Rights Issue until the outcome of the proposed Expropriation Bill/Act.

The Company previously announced a one for four Rights Issue at Rs. 18 each.

However the Expropriation Bill which is to be tabled in Parliament next Wednesday has listed Pelwatte Sugar Industries among underutilized assets for takeover.

Funds via Rights were to increase the capital of Pelwatte Sugar Industries considering that the net assets are less than half of the stated capital as at March 31, 2011. The stated capital is Rs. 679.7 million.

PLC’s Rs. 7 b IPO oversubscribed

Published : 3:38 pm  November 3, 2011  |  Category: Breaking News  |  Leave a Comment  |  

 

People's Leasing Company's (PLC) Rs. 7 billion Initial Public Offering (IPO) has been oversubscribed today the official opening day.
The Company offered 390 million shares at Rs. 18 each.
The IPO is the biggest by a fully Sri Lankan owned entity and the second biggest following Rs. 8 billion issue of Dialog Telekom in 2005.

SEC Director General Malik Cader moving out

Published : 2:31 pm  November 2, 2011  |  Category: Breaking News  |  4 Comments  |  

 

The Director General of SEC Malik Cader is moving out to the Finance Ministry to take up a senior advisory role.

The move follows pressure from a section of the market to remove him due to alleged overregulation which had been cited for the fall of the Colombo Bourse.

Cader, who counts for near 15 years service at the SEC, will be taking up as Senior Advisor Capital Market Development at the Ministry of Finance from next week.

No replacement has been announced but the Commissioners led by Chairperson Indrani Sugathadasa will continue. Market has been divided over calls for removal of SEC Director General with some warning against it as it would hit investor confidence whilst others argued overregulation had killed investor sentiment.