LOLC divests LOSEC

The Board of Directors of LOLC decided to divest its entire shareholding of 30 per cent in Lanka ORIX Securities (Pvt) Limited (LOSEC) thereby completely moving out of this stock brokering entity, by disposing of its stake to Tushan Wickramasinghe, Director/CEO of the company, upon approval being granted by the Securities and Exchange Commission of Sri Lanka (SEC) on June 26 2009 for the change of shareholding.

Along with LOLC, Rajah Nanayakkara of Ishara Traders who held 40 per cent of the equity also moved out by disposing his entire holding to Wickramasinghe.

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 Securities."

Wickramasinghe who was on leave of absence from the Board of LOLC for a year, will no longer serve as a member of the LOLC Board from the upcoming AGM on June 30.