Nalaka steps down as Divasa Finance Chairman

Dr. Nalaka Godahewa has resigned as the Chairman of Divasa Finance Ltd. last week.

Analysts widely believe the move as a precursor to the impending appointment of Dr. Godahewa as the new Chairman of the Securities and Exchange Commission (SEC), which the Daily FT exclusively reported on Saturday.

Godahewa however remains as Chairman of Colombo Land and Development Plc, biggest shareholders of which are Singapore investors holding over 30%. Urban Development Authority (UDA) holds17.5% and listed entity Kalpitiya Beach Resort-linked to Diawasa Equity holds 20.2%.

Godahewa though on the Board representing the interests of UDA is the single largest Sri Lankan individual shareholder, though with a 1.15% stake.  He had a 1% stake in Waskaduwa Beach Resort as at 31 March 2012 but divested this stake recently as well.

The other listed company directorship he holds is on the Board of Lanka Hospitals, since August 2009.

Apart from being Chairman of the Sri Lanka Tourism Development Authority, Godahewa also serves on the Boards of the Urban Development Authority, Sri Lanka Handicrafts and Sri Lankan Catering Ltd. as an Independent Director.