SERIOUS LOSS OF CAPITALS OF TWO MAJOR COMPANIES

 



        Two major companies listed at Colombo Stock Exchange (CSE) have serious issue of loss of capitals who owned by tycoon billionaires. Recently they issued audited financial reports to CSE. Time by time these situations ignited by financial reports tumble to trading halted with loss of investors money. We have same experience long time ago like Vanik, Touchwood, Magpel. 


        The Company’s net assets stand at LKR (341,329,000) which is below the 50% of its stated capital. This situation has triggered a serious loss of capital as at 30th September 2022 in terms of section 220 Of the Companies Act No 07 of 2007. The Board of Directors has paid much attention to this matter subsequent to the balance sheet date and subsequent to a preliminary discussion with the auditor and the Indipendent consultants of the Company have identified assets wherein the company holds a minority stake that could be liquidated in order to restructure the balance sheet. Consequently the Directors have had discussion with owners of the majority stake of the identified assets who in principle are willing to exercise their first right of refusal subject to an independent valuation and board approvals. Information gathering to facilitate the independent valuation is in progress. The Board expects, once substantial information is available, to provide a plan in terms of section 220 Of the Companies Act No 07 of 2007 to the shareholders of the Company.


Extracted by : SriLanka Chronicle web site.


        

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