The controlling stake of Sinhaputhra Finance PLC (SFPLC) was traded on the Colombo Stock Exchange (CSE) early Thursday for little over Rs. 300 million.

K.R.B. Wijeyeratne, Managing Director sold his 50.31 per cent corresponding to 31,675,870 shares at Rs. 9.50 per share.

Last August the Central bank had sent a letter to the company warning to cancel its licence on the grounds of non-compliance with the regulator's Rs. 2.5 billion capital requirement. But in September, the company that it was considering SFPLC's capital augmentation plans, and would submit them to the consideration of the Monetary Board, to fulfill regulatory requirements and foster continued growth. The CSE put the company on the Watch List due to an emphasis of 'matter on going concern' in the audit report for the year ended March 31, 2018.

The company in a stock market filing in November said that the Board of Directors was negotiating with a few potential investors through a professional investment bank.

© Pakistan Press International, source Asianet-Pakistan