ASI price index fell 9.72 points closed at 1496.38 while more sensitive Milanka index closed the day 11.61 points lower 1636.54.

Turnover was Rupees 36.44 million. John Keels Holdings contributed 21.4 million for the total turnover & closed Rs 2.00 lower at Rs.50.00

Seylan Bank PLC shares remained halted throughout the day due to pending announcement.
Meanwhile local currency depreciated further against US Dollar.

Announcement at Colombo Stock Exchange

NEWSPAPER ARTICLES RE: PROPOSED DIVESTITURE OF CEYLINCO GROUP HOLDING IN SEYLAN BANK AND RELATED ARTICLES

Seylan Bank’s position in connection with the above is given below.The Bank’s Founder Chairman/Managing Director, Deshmanya Dr. Lalith Kotelawala announced over the weekend of his intention to divest Ceylinco Group’s shareholding in Seylan Bank in order to raise funds to meet liabilities of credit card holders of Golden Key Credit Card Co. Ltd.The proposed divestiture of Ceylinco Group’s stake in the Bank to a potential reputed investor, the details of which have not been finalized as yet will be carried out with the permission of the Monetary Board of the Central Bank of Sri Lanka and other relevant regulatory authorities.In response to the misleading paper articles appearing in the newspapers, Seylan Bank wishes to emphasize that the intended sale relates only to the shares owned by Ceylinco Group in Seylan Bank. The intended sale is not of the assets of Seylan Bank or any investments made by the Bank. Moreover, the Bank wishes to inform that it will not utilize the depositor’s funds to meet the obligations of Golden Key Credit Card Holders.Seylan Bank again wishes to emphasize that as a licensed commercial bank, it is regulated and supervised by the Central Bank of Sri Lanka.The Bank hopes that the above release from the Central Bank and the Bank’s clarification of the correct position given herein will dispel any doubts regarding contradictory Articles which appeared in the newspapers the last two days and reassure the Bank’s shareholders, stakeholders and other members of the public as to the soundness and stability of the Bank.

NEWS PAPER ARTICLE PUBLISHED IN DAILY NEWS OF 22ND DECEMBER’2008 – SEYLAN BANK PLC

Company conforms that Dr.J.L.B Kotelawala continues to be on the Board of Directors of Seylan Bank PLC as its founder Chairman/ Managing Director.

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