SEC tells Court it will follow due process

The Securities and Exchange Commission (SEC) yesterday informed the Commercial High Court in Case No. 35/2016 CO, that in the absence of a Court order restraining it from doing so, the SEC will follow due process according to the law in respect of the mandatory offer it has received for Agalawatte Plantations PLC.

On Wednesday (10), the Court of Appeal issued notice on the SEC on an application by Browns Power Holdings Ltd. that the regulator had unreasonably and arbitrarily delayed approving the mandatory offer submitted by Browns on 15th July for Agalawatte Plantations PLC.

Browns Power Holdings purchased 15,200,000 shares constituting 60.80% of the voting rights of Agalawatte Plantations on the CSE on 14 July.