30th December 2008.

Market declined further. All share index fell 11.85 points & closed the day at 1484.53. Milanka index closed 24.51 points lower at 1612.03. Turnover was Rupees 97.4.

Seylan Bank trading halt was removed at 12.45 Hrs. Soon after removal of trading halt, Selyan shares reached Rs.22.00 then it was settled at Rs.20.00.

Announcements

COMMERCIAL DEVELOPMENT PLC DIVIDEND
Company ID:- COMD Date of Announcement:- 30.Dec.2008Rate of Dividend:- Rs.1.50 per share -Interim Dividend Financial Year:- 2008XD:- 12.Jan. 2009Payment:- 23.Jan.2009Share Transfer Book Open

Seylan Bank has issued the following statement

Newspaper Articles Re: Monetary Board decision taken on 29th December 2008 on Seylan Bank PLC

We refer to your fax dated 30th December 08 forwarded to us seeking clarification of the articles appearing in today’s Daily News and Daily Mirror newspapers and give below Seylan Bank’s position as follows:

The Monetary Board of the Central Bank of Sri Lanka at its meeting held on 29th December 08 decided in terms of Section 30 of the Monetary Law Act No. 56 of 1949 (as amended) to carry out the following measures in order to ensure the continued financial stability of the Bank with effect from 29th December 08:

(a) Suspend the business of Seylan Bank with effect from 3.30 p.m. on 29th December 08 and discontinue the services of all current directors of Seylan Bank PLC in terms of Section 30 (1) of the Monetary Law Act;

(b) Resume business of Seylan Bank with effect from 3.45 p.m. on 29th December 08;(c) appoint Bank of Ceylon to carry on the business of Seylan Bank PLC in terms of Section 30 (9) of the Monetary Law Act;

(d) request Bank of Ceylon to appoint the new Board of Directors of Seylan Bank PLC;

(e) continue with the services of the present CEO, Mr Ajita Pasqual and all current employees of Seylan Bank PLC without any interruption.

Accordingly, Bank of Ceylon has appointed the following Directors to the Board of Seylan Bank PLC with effect from 29th December 08:

Mr E Narangoda (Chairman)
Mr Nihal Jayamanne PC
Mr Lalith WithanaMr Neomal Gunawardena.

Yours faithfully

(SIGNED)
(Ms) M R S GUNASEKARA
COMPANY SECRETARY

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