The Finance Co (TFC), which was embroiled in a tainted stock market deal in May, has reported a massive loss of Rs 393.9 million for the quarter ending 30th June against a profit of Rs 26.4 million in the same 2011 quarter. The state-owned Employees Provident Fund (EFP), which has been criticized for investing in [...]

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TFC reports Rs 393 mln loss in 1stQ against 2011 profit

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The Finance Co (TFC), which was embroiled in a tainted stock market deal in May, has reported a massive loss of Rs 393.9 million for the quarter ending 30th June against a profit of Rs 26.4 million in the same 2011 quarter. The state-owned Employees Provident Fund (EFP), which has been criticized for investing in loss-making companies, has an 8.4 per cent stake in the company. The stock was traded on Thursday at Rs 21.60 from a high of Rs 40.

In May, TFC was caught up in a major controversy in a National Savings Bank (NSB) share deal handled by a TFC director Dinal Wijemanne with. After a major hue and a cry, the deal was reversed and NSB directors including its chairman resigned. Mr Wijemanne, who bought back the 4.81 per cent of 2.9 million TFC shares sold to NSB, has been suspended as a broker. He is listed as the TFC’s seventh largest shareholder.

Thirugnanasambandar (T) Senthilverl, among Sri Lanka’s biggest investors, is the biggest shareholder owning a 20.69 per cent stake or 12.4 million shares. He is followed by Ceylinco Investment Co (11.04 per cent) and the EPF. Lalith Kotelawela, disgraced former chairman of the Ceylinco Group is the 14th largest shareholder with 0.87 per cent while the Bishop of Galle is listed as the biggest non-voting (rights) shareholder with a 1.97 per stake or 1.97 million shares.




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