eChannelling goes for Rs. 93.7 m capital reduction to recoup losses

ECHANNELLING Plc’s Board has resolved to effect a capital reduction worth Rs. 93.7 million to recoup accumulated losses of the Company.

Its current stated capital is Rs. 187.5 million whilst as at 31 March, 2010, the Company had Rs. 117 million in retained losses. Sri Lanka Insurance Corporation owns 23% stake in eChanneling whilst the second largest shareholder is British American Technologies with 12%.

The Company’s share price closed at Rs. 18.70, up by 50 cents.