Trade Halt

Dec 30, 2008 (LBO) – Sri Lanka’s Seylan Bank trade halt was removed at 12.45 pm Tuesday following clearance from the Colombo Stock Exchange (CSE) and Securities and Exchange Commission (SEC).

Seylan Bank shares opened trading Tuesday at 19.50 rupees, up 3.75 rupees from the previous close on December 24.

Their was no trading on December 29, 2008 due to the trade halt.

The trade halt was removed following a letter submitted by the bank confirming state owned Bank of Ceylon (BOC) has taken over its management on a directive by the monetary board of the Central Bank.

On December 29 at 3.30 pm all Seylan Bank business was suspended by the Central Bank and business was recommenced the same day at 3.45 pm.

The board of directors of Seylan Bank was discontinued.

Seylan Bank in a stock exchange filing confirmed that E Narangoda has been appointed as chairman of the bank, while Nihal Jayamanne PC (Presidential Counsel), Lalith Withana and Neomal Gunawardena have been appointed to its board of directors.

The statement says Chief Executive Ajith Pasqual and all current employees of Seylan Bank are to continue their employment without any interruption.