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.
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.
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.