Swarnamahal Financial Services PLC in a disclosure to Colombo Stock Exchange (CSE) said that trading of its’ shares had been suspended from 1 July 2018 because of non-compliance with the sections 7.10.2 (a), 7.10.5 (a), 7.10.6 (a) and 9.2.2 of stock exchange listing rules. Statement further added the company was in the Watch List from 1^st January 2018 onwards for a six months, and its appeal to the Securities and Exchange Commission (SEC) to defer the suspension submitted on 25^thJune had been rejected due to non-compliance with the section 7.10.7 (i) of the listing rules of the Colombo Stock Exchange (CSE).

The company’s disclosure noted that it is being restructured under central bank supervision, and negotiating with a potential investor to inject fresh capital for a change of ownership. Last week Central Bank of Sri Lanka (CBSL) said that it has instructed Swarnamahal Financial Services PLC to immediately begin repayment of 10% of deposit liabilities.