MBSL concludes 35th AGM

Wednesday, 12 July 2017 09:45 - - {{hitsCtrl.values.hits}}

The Merchant Bank of Sri Lanka & Finance PLC (MBSL) held its 35th Annual General Meeting, on 27 June, at the Galadari Hotel, Colombo in the presence of 350 shareholders and other attendees-by-invitation.

The company presented the annual report and Audited Financial Statements for the financial year 2016 to the shareholders, which was adopted unanimously. MBSL reported a recovery in financial status and return to profitability during the financial year under review.

In 2015, having formalised one of the most complex merger in the country, the company has been able to reverse its immediate post-merger-losses to report a pre-tax profit of Rs. 239.9 million, from a loss of Rs. 35.4 million the year before, and a net profit of Rs. 85.6 million, from a net loss of Rs. 78.3 million in previous year.

Shareholder approval was sought and obtained to re-elect Charitha Nissanka Wijewardane to the Board. In addition, shareholder approval was obtained to elect Dr. Sujeewa Lokuhewa, D.M. Gunasekara, W.P.R.P.H. Fonseka, K.B.S. Bandara, Niroshana Perera, S.N. Dayaratne, S.P. Arsakularatne and H.J. Denzil Fonseka, as Directors of the Company.

While reporting a robust financial performance, as a responsible corporate citizen, MBSL & Finance PLC has been fully compliant with all applicable statutory requirements and has also contributed to a number of public welfare causes during the financial year under review.