Swarnamahal Financial Services PLC (SFS) said that the trading of Securities of the Company has been suspended with effect from July 1, 2018, due to non-compliance of the Colombo Stock Exchange (CSE) rules.
This is after expiry of six months from the date of transferring the securities of the Company to the Watch List with effect from January 1, 2018, by the Colombo Stock Exchange.
“Further, we would like to inform the market that SFS is now negotiating and finalizing a proposal with a potential investor in consultation with the Central Bank of Sri Lanka to infuse fresh capital, change the ownership and appoint new directors into SFS in terms of the regulatory requirements, hence it is expected that SFS would be able to comply with the above stated sections of the Listing rules, during next few months, no sooner the proposal of the potential investor is materialized,” said Executive Director Nalaka Edirisinghe.
The company, which is being restructured under Central Bank supervision, said it was negotiating with a potential investor to inject fresh capital and change ownership.
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