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| Sunday, 6 January 2002 |
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| News Business Features Editorial
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Concerns of Commercial Bank shareholders by D.L.C. Fernando As one of those shareholders who wrote to the Directors of Commercial Bank as well as to the newspapers expressing my concern on the proposed formation of a different company to take over Commercial Bank, I was extremely pleased to hear that it has been decided not to proceed with that proposal. I took up this case through your columns mainly after reading several letters that appeared in your paper giving many reasons why the proposed holding company should not be permitted. As a layman it was initially difficult for me to understand the real impact of the proposal. But after obtaining the necessary information from my brokers and monetary authorities, I was shocked that a proposal of this nature had ever been made because there was a real risk of the blue chip Commercial Bank share becoming a valueless piece of paper after being folded into the holding company. Anyway, the issue has now ended and shareholders of Commercial Bank can only be thankful to the Central Bank and the Board of Directors for having clearly identified the dangers of the proposal and refusing to permit the formation of the holding company. |
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