PCH Holdings PLC chairman S.H.M. Rishan clarifies that Bieco Link Carbons (Pvt) Ltd has ceased to be a company of the PCH Holdings Group since the Group had sold 100% of its shareholding of Bieco Link Carbons to MMD Venture Lanka (Pvt) Ltd on 02 July 2014.

Furthermore, the disclosure made by the mandatory offer of Adams Investments Limited dated 21 July 2014 to purchase all outstanding shares of PCH Holdings PLC as “…. PCH Holdings PLC is the sole shareholder of Bieco Link Carbons (Pvt) Ltd..” is incorrect since PCH Holdings have divested their 100% shareholdings in Bieco Link Carbons (Pvt) Ltd to MMD Venture Lanka (Pvt) Ltd.

The claim by Adams Investments Limited that PCH Holdings holds the 100% shareholdings of Bieco Link Carbons (Pvt) Ltd has been contested by both MMD Venture Lanka (Pvt) Ltd and Bieco Link Carbons (Pvt) Ltd and the case is still pending before courts, says PCH Holdings PLC chairman S.H.M. Rishan.

Meanwhile, the Colombo Stock Exchange (CSE) last Friday (08 August) decided to suspend the share transactions of both Adams Investments Limited and PC Pharma PLC till an explanation is provided regarding the sale of 31 million shares of PC Pharma by Adams Investments Limited even while a Mandatory Offer is in force for the PC Pharma shares.