CSE delists six troubled companies

Business

The Colombo Stock Exchange (CSE) has delisted the securities of six companies attributing several reasons for the move including the firms being under liquidation.

The companies, named in a newspaper notice on Wednesday, were Vanik Inc, Pelwatte Sugar Industries, Touthwood Investments, Orient Garments, Miramar Beach Hotel and Central Investments & Finance.

The notice said that Vanik Inc trading of securities has been suspended since October 2008 and the company is under liquidation; Pelawatte Sugar trading of securities was suspended in November 20011 with the assets vested with the State; troubled Touchwood securities were suspended in June 2014 while trading of securities at Orient Garments has been suspended since June 2014 and the company is under liquidation.

In the case of Miramar Beach Hotel, trading was suspended in February 2015 after the company continuously failed to release annual accounts for the financial years 2010 to 2014. Central Finance & Investments’ trading of securities was suspended in November 2017 after the Central Bank suspended its trading licence following serious irregularities at the company. - ENDS -

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