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Softlogic (SHL) reports a massive Rs20bn loss as shares resume trading

Ashok-Pathirage

Ashok Pathirage - Chairman / Managing Director, Softlogic Holdings

December 5, 2023 (LBO) - Colombo Stock Exchange (CSE) listed Softlogic Holdings (SHL) reported a loss of over LKR 20bn for the year ended March 31, 2023. In addition the company posted losses of over LKR 4bn for the following quarter ended June 30, 2023.

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Shares in SHL have resumed trading on the CSE after a long period in which trading was suspended due to failure to file accounts. The company, although still operating, reported a negative equity of over LKR 16bn as of June 30, 2023.

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Despite Softlogic having total liabilities of over LKR 200bn, and speculation of teetering on the brink of collapse, the Chairman/Managing Director and controlling shareholder of the company Ashok Pathirage remains as the Chairman of Sri Lankan Airlines as a political appointee. Pathirage was appointed during the Gotabaya Rajapaksa administration.

Shares in the company ended the trading day at Rs9/share, giving the company a market capitalization of over LKR 10bn, despite having negative equity of over LKR 16bn.

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https://cdn.cse.lk/cmt/upload_report_file/1075_1701694920450.pdf

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