LOLC divests Lanka ORIX Securities
The Board of Directors of LOLC decided to divest its entire
shareholding of 30 percent in Lanka ORIX Securities (Pvt) Ltd (LOSEC)
thereby completely moving out of this stock brokering entity, by
disposing of its stake to Director/CEO Thushan Wickramasinghe of the
company, upon approval being granted by the Securities and Exchange
Commission of Sri Lanka (SEC) on Friday for the change of shareholding.
Along with LOLC, Rajah Nanayakkara of Ishara Traders who held 40
percent of the equity also moved out by disposing his entire holding to
Consequently, the legal entity “Lanka ORIX Securities (Pvt) Ltd’ will
not exist anymore.
The Chairperson, Mrs. Rohini Nanayakkara, said “there were articles
in the media indicating the future Directors/Shareholders of the company
and neither the Board of LOSEC nor LOLC had any knowledge or any part in
this regard, as the divestiture was solely to Wickramasinghe. The new
directors/Shareholders are not directors or shareholders of Lanka ORIX
Wickramasinghe who was on a leave of absence from the Board of LOLC
for a year, will no longer serve as a member of the LOLC Board from the
Chairperson, Mrs Rohini Nanayakkara, Deputy Chairman, Ishara
Nanayakkara, Executive Director Mrs. Kalsha Amerasinghe and Chief
Operating Officer and Chief Legal Officer Kithsiri Gunawardena, who
served on the LOSEC Board representing LOLC and Ishara Traders and who
remained on the board until the approval of SEC have resigned with
LOLC said that this is the first statement it is issuing to the media
regarding this divestiture as they awaited the approval of the SEC as
per the regulations.
The Chairperson, Mrs. Rohini Nanayakkara said, “This divestiture is
not an indication of LOLC moving out of Stock Brokering and we hope to
re-commence this business at a future date.
“The key contributory factors of LOLC success have been its dynamism,
professionalism and high standards of corporate governance maintained
across the entire group.”