CSE announcements
View(s):Sampath Bank Plc will be taking steps to issue 25,000,000 debentures with an option to issue up to a further 25,000,000 debentures in the event of over subscription, at a par value of Rs. 100 subject to the necessary regulatory approvals.
The bank hopes to have these Debentures quoted on the First Board of the Colombo Stock Exchange.
Market Disclosure-Update on Depositors’ Stay Order – CIFL
In the High Court of Colombo proceedings pertaining to the failed CIFL finance company on Monday, Harsha Amarasekera, President’s Counsel appearing for the company presented to Court the repayment plan of the company for all of the contracts issued by the company which have now matured and in which payment is due.
The proposed repayment plan is that the company will pay 25 per cent of the monies payable on all of the matured contracts (irrespective of whether their claims have been recorded in this case of not) within three (3) months from today, a further 25 per cent within five (5) months of today (October 14) and the balance within eight (8) months.
Avindra Rodrigo, Senior Counsel for the petitioner and several counsels appearing for the claimants before Court expressed their optimism on the repayment plan and requested court for time to obtain instructions from their clients. Court fixed the matter to be called in court on October 31.
President’s Counsel Dr. Harsha Cabraal appearing for the Securities & Exchange Commission (SEC) informed Court the SEC was taking the same stand that it had on the last date of hearing by opposing any application to wind up the company at this point of time.
Meanwhile the writ application submitted by the depositors of failed finance company CIFL for a stay order – on a repayment plan – was taken up on October 11 where the court directed the respondents to file objections by October 15. Accordingly the matter was taken up on October 15 and the State Counsel appearing for the respondents has informed that they will file limited objections on behalf of four respondents during the course of the day. The counsel appearing for the petitioners too have moved for a date to file counter affidavits in relation to such objections.
This matter will be coming up for counter affidavit of the petitioner and limited objections on October 31 with the stay order being extended to November.
Fonseka and Amal Cabraal on JKH board
Conglomerate, John Keells Holdings (JKH) has appointed two top corporate leaders – Nihal Fonseka and Amal Cabraal to the board as independent, non-executive directors with effect from November 1.
Mr. Fonseka is a career banker who retired as CEO of DFCC Bank in end September 2013 while Mr. Cabraal is retiring as Chairman of Unilever at the end of October.
Touchwood
Anuradh Mahen Dias Bandaranayake was appointed as a non-Executive Independent Director of the company with effect from October 15. Mr. Bandaranayake is a Director of Transpack International Shipping (Pvt) Ltd.
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