Serendib Land Board says no control for Finco

With reference to the Daily FT article titled ‘Finco buys controlling 26% stake in Serendib Land for Rs. 125.6 m’ published yesterday, S.N. Law Corporate Secretaries, on the instructions of the Board of Directors of Serendib Land, sent the following statement. 

“Finco Holdings Ltd. have acquired a total of about 26.2% from Gitanjali Group Ltd. and Ms. D. Sivaprakasapillai. This does not amount to a controlling stake in the company. We wish to categorically state that related parties Gee Gees Properties Ltd., and Gitanjali Gajaluckshmi Ltd., together hold 170,012 Shares, amounting to 42.6% of the total shareholding of the company.

“Therefore, the controlling stake of the company is held by Gee Gees Properties and Gitanjali Gajaluckshmi with 42.6% stake, and not by Finco Holdings Ltd., which now holds a 26.2% stake.

Further, Janashakthi Insurance PLC holds 12.85% and AIA Insurance Lanka Ltd. holds 7% of the total shareholding of the Company.”