Financial Times

Metalix, Pugoda, Veytex delisted
The Colombo Stock Exchange last week delisted Metalix Engineering Co., Pugoda Textile Mills and Veyangoda Textile Mills whose shares had been suspended from trading for a long time.

These companies have not submitted annual reports and quarterly financial statements for over three years, the CSE said. Pugoda has been suspended since May 2, 1997, Veyangoda Textile Mills since January 26 1999 and Metalix since April 16, 2001. CSE officials said these companies were delisted as they were suspended for lengthy periods and for violating CSE rules pertaining to submission of accounts.

Pugoda was taken over by the government under an act of parliament and shareholders paid compensation. Veyangoda Textile Mills had initially asked for the suspension as the management had planned to restructure the firm. This never happened and the company was involved in court cases with the People's Bank resorting to parate execution to recover loans.

Metalix was suspended after reports about plans to auction property mortgaged to NDB. It failed to respond to CSE requests for an explanation.

Back to Business