MBSL holds AGM

Merchant Bank of Sri Lanka (MBSL) has posted an after tax profit of Rs. 200.9 million for the financial year ended 31 December 2009, compared with the profit of Rs. 205 million in the corresponding period the previous year. The MBSL group profit for the same period was Rs. 283 million for 2009 compared with Rs. 224.4 million in the previous year.

Merchant Bank of Sri Lanka Plc, a subsidiary of Bank of Ceylon, which has a stake of 72 percent in MBSL, held its Annual General Meeting on June 16 at the Galle Face Hotel, Colombo.

Attendance at this AGM showed a significant improvement and Shareholders freely expressed their views and the sentiments on the appointment of M R Shah as the Chairman of MBSL in May 2010 and wished him well. Furthermore, they were optimistic that with his appointment there would be a boost in business activities which in turn will generate a better return on their investments.

In the expectation of good governance, efficiency and transparency, investors have already shown their enthusiasm by investing in shares of MBSL which has taken the price upto Rs. 31 within this short period of his assuming duties.