Lanka Orix Finance gets Court order against Dynaris selling assets

Monday, 14 July 2014 02:05 - - {{hitsCtrl.values.hits}}

Lanka Orix Finance Plc (LOFIN) has obtained an order from the High Court preventing Dynaris Holdings Ltd. from disposing of its assets, including shares of PCH Holdings Plc. This is following default by Dynaris over Rs. 100 million outstanding to LOFIN. The Colombo Stock Exchange (CSE) on Friday was informed by LOFIN that it understands that Dynaris is planning to dispose of shares held by it in violation of the Court order. “This illegal sale of PCHH shares by Dynaris amounts to price sensitive information for LOFIN and the investors at large,” stated LOFIN. It has also said that any stockbroker who facilitates trades in violation of the Court order in shares owned by Dynaris will be liable of contempt of court. As at 31 December 2013, Dynaris Holdings owned by S.H.M. Rishan held a 39.89% stake in loss-making PCHH or 100.5 million shares. At Friday’s closing price the stake is worth around Rs. 340 million. In the nine months ended on 31 December 2013, PCHH Holdings Group loss was Rs. 1.2 billion.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.