New Directors in Nation Lanka Finance Board

Tuesday, 15 March 2011 00:00 - - {{hitsCtrl.values.hits}}

Several new appointments have been made to the Board of Nation Lanka Finance Lanka Plc.

The appointments are as Non Executive Directors and they are H.K.J. Dharmadasa (Chairman), Asanga Seneviratne, J. Rudra, U.H. Dharmadasa and P.M.L.K. Karunaratne.

The appointment follows a consortium of investors participating in a Rs. 500 million private placement on the following basis — Seneviratne’s firm Investor Access Equities (Rs. 350 million) Nawaloka Construction (Rs. 70 million) and J. Rudra (Rs. 80 million).

The Company also announced the resignation of the following persons from the Board. N.B.S.B. Balalle, Bandula Ranaweera, C.K. Gamage, V.J. Alahendra, S.N. Jayasinghe, Ananda Wehalle and W.T. Weerasooriya.

Nation Lanka Finance, formerly Ceylinco Securities and Financial Services Ltd., yesterday saw its Ex-Rights share price close down 70 cents to Rs. 10.50 after hitting a high of Rs. 11.60 with 243,500 shares traded.

The Company in December announced a three for two rights issue at Rs. 5 each to raise Rs. 300 million followed by a private placement. Funds raised were to be used to improve capital in compliance with Central Bank requirements and boost business