31st March is the last day of financial year in most companies. ASI lost 6.53 points to close at 1638.06 while MPI closed 17.55 points lower at 1736.20.

Turnover was 79.5 million rupees. Ceylinco Insurance (Non Voting) & Eagle Insurance lost Rs 9.75 & s 8.25 respectively.

National Development Bank closed Rs 8.00 lower at 89 rupees. John Keells Holdings lost Rs 1.75 to close at 62.75.

Announcements – Colombo Stock Exchange.

31-Mar-2009 SUB – DIVISION OF SHARES – HOTEL SERVICES (CEYLON) PLC

The Company has informed the CSE that the Board of Directors of Hotel Services (Ceylon) PLC have resolved to effect an increase of the number of shares by way of a sub-division by passing the following resolution.”That each of the shares of the Company be sub-divided into ten (10) ordinary shares. The shares will rank equal and pari passu in all respects with the existing shares of Hotel Services (Ceylon) PLC with full voting rights and the right to participate in any dividend that may be declared after the date of the sub division.The increase of shares by way of a sub-division is subject to shareholder approval at an Extraordinary General Meeting by way of ordinary resolution.The total number of shares in issue is 17,600,000. The number of shares of the company in issue at the conclusion of the sub-division will amount to 176,000,000 ordinary shares. This sub division will not result in an increase in the Stated Capital of the Company”.SUB DIVISION OF SHARE DATESDate of General Meeting : 30-04-2009Sub Division based on the shareholding as at end of Trading: 30-04-2009Period of Dealings Suspension (Both days inclusive) : 04-05-2009 to 07-05-2009 Date of Commencement of Trading: 11-05-2009Subject to Shareholder approval at a General Meeting.

31-Mar-2009 DIVIDEND ANNOUNCEMENTS

JOHN KEELLS PLCCompany ID:- JKLDate of Announcement:- 31.Mar.2009Rate of Dividend:- Rs.5.00 per share – Interim Dividend Financial Year:- 2008/2009XD:- 08. Apr. 2009 Payment:- 24.Apr.2009 Share Transfer Book OpenASIAN HOTELS & PROPERTIES PLCCompany ID:- AHPLDate of Announcement:- 31.Mar.2009Rate of Dividend:- Rs.1.00 per share – Interim Dividend Financial Year:- 2008/2009XD:- 08. Apr.2009 Payment:- 24. Apr.2009 Share Transfer Book Open

31-Mar-2009 ANNUAL REPORTS OF LISTED COMPANIES.

The following Companies have released their Annual Financial Reports for the year ended 31st March/31st December 2008 to the CSE.Released to the Market on 31-03-2009 – COMDReleased to the Market:- DFCC, AGAL,ATL, LCEY, SAMP, AAIC COLO, HAPU, RGEM, PDL, EBCR, CTC, HNB, NDB, NTB, OSEA, CTCE, TPL, KVAL,SINI, SINS, REG, DOCK, SLTL, UAR, UDPL,JFIN, COMB and MBSL

31-Mar-2009 AMENDED DIVIDEND DATES – Commercial Bank of Ceylon PLC

Company ID:- COMBDate of Announcement:- 29.Jan.2009Rate of Dividend:- Rs.4.00per share – Final Dividend(Voting & Nonvoting) Financial Year:- 2008AGM:- 06.Apr.2009XD:- 07.Apr. 2009 Payment:- 17.Apr.2009 Share Transfer Book Open

Both ASI & MPI fell 0.23% to close at 1644.59 & 1753.75 respectively. However turnover was healthy at Rs 283.75 million.

Srilanka Telecom & Colombo Dockyard experienced price decline as they goes ex dividend today. Colombo Dockyard closed Rs 7.75 lower at Rs 58.75 while Srilanka Telecom ended the day 75 cents lower at Rs 33.00.

Over 3.3 million Light House Hotel shares traded within price range of Rs 52.25 to 58.00 making it biggest transaction of the day by contributing Rs 203.3 million.

Announcements at Colombo Stock Exchange

30-Mar-2009 COMMERCIAL BANK OF CEYLON PLC

The company wishes to inform the CSE that they were unable to hold the Annual General Meeting today, due to lack of a quorum, as specified in the Articles of Association of the Company.

27-Mar-2009 FITCH RATING REPORT – THE FINANCE COMPANY PLC

The detail Fitch rating report is available on the company profile (key Financials) section.

27-Mar-2009 NOTIFICATION UNDER SECTION 8.2 OF THE LISTING RULES OF COLOMBO STOCK EXCHANGE – COLOMBO DOCKYARD PLC

The company confirms that ” the below given resolution was unanimously passed by the shareholders of Colombo Dockyard PLC at the 26th Annual General Meeting of the Company held today, 27th March 2009 as a Special Resolution”.”IT IS HEREBY RESOLVED in terms of section 185(1)(a) read together with section 185(2)(c) of the Companies Act No. 7 of 2007 that the Board of Directors are empowered to, effect from the conclusion of the 26th Annual General Meeting of the company until the conclusion of the 27th Annual General Meeting of the company to incur obligations or liabilities of such further sums not exceeding one hundred per centum (100%) of the value of the assets of the company, as they consider necessary for the purpose of the company as set out in the Report of the Directors’ in page 58 of the Annual Report 2008, which has or likely to have the effect of the company incurring obligations or liabilities that may amount to a Major Transaction.”

27th March 2009

The All share Index gained 11.48 points to end at 1648.44 while the more sensitive Milanka went up by 23.28 points to close at 1757.74.

Total equity turnover was 186.2 million rupees.

John Keells Holdings closed the day at Rs 64.50, up by Rs 2.25 from yesterday’s close. Seylan Bank closed five rupees higher at RS 37.00.

CSE Announcements

27-Mar-2009 BROWN & COMPANY PLC

The company has informed the CSE that Browns Plantation Investments (Pvt) Limited which is a joint venture company between Brown & Company PLC and Taprobane Holdings Ltd acquired 50% Ordinary voting shares in Free Lanka Plantation Holdings (Pvt) Ltd.Free Lanka Plantation Holdings (Pvt) Ltd is the ultimate holding company of Pussellawa Plantations Ltd and Maturata Plantations Ltd.

27-Mar-2009 DEFAULT BOARD NARRATION CHANGE – Asia Capital PLC

Submission of Financial Statements for the quarter ended 31-Dec-2008.

Today’s total market turnover was Rs 915.1 million. Two indices ended the day almost unchanged.

Carson Group companies were the main contributors for the market turnover. Over 1.9 million Selinsing shares traded at Rs 120.00 per share & 2,130 949 of Good Hope plc shares traded at Rs 135.00 per share.

The Light House Hotel gained Rs 5.00 and closed at Rs50.00. Aitken Spence Plc lost ten rupees and ended the day at Rs 315.00.

CSE Announcements

26-Mar-2009 ACE POWER GENERATION MATARA PLC – DE-LISTING

Please note that the above company has been de-listed pursuant to the maturity of its debentures with effect from March 26, 2009.

26-Mar-2009 DE LISTING – Associated Property Development PLC

The Company has informed the CSE, ” That at the Board Meeting held today (25-03-2009). it was unanimously resolved by the Board to:proceed to de-list the Securities of the Company from the Official List of Colombo Stock Exchange in terms of the Rules made by the Securities and Exchange Commission of Sri Lanka under Section 53 of the Securities & Exchange Commission of Sri Lanka Act No 36 of 1987 (as amended) by Gazzette Extraordinary No 1215/2 of 18th December 2001″

26-Mar-2009 DISCLOSURE UNDER RULE 36 OF THE COMPANY TAKEOVERS AND MERGERS CODE 1995 (AS AMENDED IN 2003)

Asia Securities(Pvt)Ltd wishes to inform the CSE that our client M/s. Pershing LLC S/A Auerbach Grayson & Co.Ltd presently owns holding of 11.8% (3,541,100 shares) in Lanka Milk Foods (CWE) Limited

26-Mar-2009 ANNOUNCEMENT – AS PER SECTION 9.1(IV) 7 OF THE LISTING RULES OF THE COLOMBO STOCK EXCHANGE

GOOD HOPE PLC2,129,349 shares which amounts to 30.99% of the voting rights of the company were purchased by Goodhope Asia Holdings Ltd, a fully owned subsidiary of the Carson Cumberbatch PLC and incorporated in Singapore, from Rubber Investment Trust Limited (seller).With the above transaction the total amount of shares held by Goodhope Asia Holdings Ltd in the Company is 5,996,018 (87.26%).INDO-MALAY PLC1,666,722 shares which amounts to 23.82% of the voting rights of the company were purchased by Goodhope Asia Holdings Ltd, a fully owned subsidiary of the Carson Cumberbatch PLC and incorporated in Singapore, from Rubber Investment Trust Limited (seller).With the above transaction the total amount of shares held by Goodhope Asia Holdings Ltd in the Company is 5,373,320 (76.78%).SELINSING PLC1,976,400 shares which amounts to 28.48% of the voting rights of the company were purchased by Goodhope Asia Holdings Ltd, a fully owned subsidiary of the Carson Cumberbatch PLC and incorporated in Singapore, from Rubber Investment Trust Limited (seller).With the above transaction the total amount of shares held by Goodhope Asia Holdings Ltd in the Company is 6,008,137 (86.57%).

26-Mar-2009 CHANGE IN THE EXECUTIVE POSITIONS – The Finance Company PLC

This is to inform you that in terms of Section 10(1) of the Finance Companies Act No 78 of 1988 the monetary Board has directed the Company as follows:a)To remove the executive positions of the following Board MembersDesh Dr J L B Kotelawala , Ms M SabaratnamMrs P K Karunanayake , Mr K A S JayatissaMr S R Wijesinghe , Mr Y B RatnayakeMr A R Gunewardena , Mr T N M Peiris The above named persons shall however continue to be on the Board of Directors of the Company.b)The following Key Executive shall be responsible for the executive functions. However Lankaputhra Development Bank headed by Mr. Sarath De Silva – Chairman Lankaputhra Development Bank has been appointed as the Managing agent.Mr K J YatawaraMr T B EkanayakeMrs N C RupasingheMrs V W DissanayakeThe appointment of Lankaputhra Development Bank Ltd as the managing agent is expected to be communicated to the Company by Central Bank of Sri Lanka in due course.

Large transaction of JKH shares which was sold by foreign fund to local insurance firm was boosted today’s market turnover to Rs 2.17 billion.

ASI ended the day at 1637.23(up by 11.75 points) & Milanka index closed at 1733.40 (up by 36.69 points).

JKH closed Rs 5.00 higher at 63.50. Aitken Spence gained 10 rupees to close at Rs 325.00. Foreigners sold Rs 1.9 billion worth of shares while purchased only Rs 9.2 million.

Announcements

25-Mar-2009 FINAL DIVIDEND OF RS. 2.13 PER SHARE FOR THE PERIOD 12 MONTHS ENDED 31 DECEMBER 2008. – Ceylon Tobacco Company PLC

The company informed the CSE that the resolution proposing the payment of a Final Dividend was approved by the shareholders unanimously at the AGM held on 25th March 2009. The dividend will be paid on 1st April 2009 as scheduled.

25-Mar-2009 RIGHTS ISSUE – ENVIRONMENTAL RESOURCES INVESTMENTS PLC

Please note that 17,386,080 Ordinary Shares of the company were listed on 25th March 2009, pursuant to a 1:1 Rights issue.

24-Mar-2009 SINGER (SRI LANKA)PLC

The company informed the CSE that as per the Fitch Ratings Report released on 20th March 2009, they have downgraded Singer (Sri Lanka) PLC’s (Singer) National Long term rating and the rating on its senior unsecured notes to “A-(lka)” from “A+(lka)”. The ratings have been placed on Rating Watch Negative (RWN).Singer (Sri Lanka) PLC wishes to inform that Singer is very confident about meeting its refinancing needs on the short term and that it has already taken necessary measures to strengthen its credit metrics in the coming six months by slashing inventories, reducing unproductive headcount and improving of gross margins and drastically reducing fixed (period) expenses.

All share index closed 6.10 points higher at 1627.91 while Milanka closed 20.26 points higher at 1692.67. Turnover was Rs 389.5 million mainly due to two large crossings (Negotiated deals outside trading floor) in Nation Trust Bank & Commercial Bank of Ceylon.
Investor interest reported in Vallibel Power & over 4 million shares traded during the day. Vallibel closed 20 cents higher at Rs 3.30.

Announcements

23-Mar-2009 INTERIM FINANCIAL REPORTS OF LISTED COMPANIES.

The following companies have released their Quarterly Financial Statements for the quarter ending 31st December 2008 to the CSE. These reports are available for free download from the relevant Company Profiles on the CSE website.Listed Company ID:-Errata Notice – Quarterly Financial Report of “DIMO” has been released to the Market on 23-03-2009.Released to the market on 11-03-2009 – CFVF, MAL, HUEJReleased to the market on 09-03-2009 – KURU, DIST, CSF & KDLABAN, ACL, ACME, AEC, AHPL, AHUN, ALLI, APDL, APLA, ARPI, ASCO, ASHO, ASIR, ASPH, AUTO, BALA, BBH, BFL, BHR, BINN, BLUE, BOC, BOGA, BOPL, BREW, BRWN, BUKI, CABO, CARE, CARG, CARS, CCS, CDIC, CERA, CFI, CFIN, CFLB, CFT, CHL, CHMX, CHOT, CIC, CIND, CINV, CIT, CLND, CLPL, COCO, COLO, COML, CONN, CPRT, CSD, CTC, CTEA, CTHR, CTLD, CWM, DFCC, DIAL,DIMO, DIPD, DPL, EAST, EBCR, EDEN, EMER, EQIT, ETWO, GEST, GHLL, GOOD, GREG, GUAR, HARI, LCEY, LDEV, HASU, HAYC, HAYL, HDFC, HEXP, HNB, HHL, HOPL, HUNA, HUNT, INDO, JKH, JKL, KAHA, KAPI, KCAB, KFP, KGAL, KHC, KHL, KOTA, KZOO, LALU, LCEY LFIN, LHCL, LHL, LIOC, LION, LITE, LMF, LOLC, LPRT, LVEN, LWL, LWL(AMENDED), MADU, MASK, MGT, MIRA, MORI, MRH, MSL, MULL, NAMU, NDB, NEH, NEST, NHL, OFEQ, ONAL, PALM, PARA, PARQ, PDL, PEG, PHAR, PMB, RCL, REEF, RENU, REXP, RGEM, RHL, RICH, RPBH, SELI, SEMB, SERV, SEYB, SFCL, SHAL, SHAW, SHOT, SIGV, SIL, SING, SLND, SLTL, SMLL, SMOT, SOY, SPEN, STAF, SUGA, SUN, SWAD, TAJ, TANG, TFC, TKYO, TRAN, TSML, TYRE , UAL, UCAR, UML, VLL, WATA and YORK.

20-Mar-2009 UNION ASSURANCE PLC

John Keells Holdings PLC has made the following acquisitions of Union Assurance PLC shares on 20 March 2009.165,500 at Rs.70.00

20-Mar-2009 DOW JONES SAFE 100 INDEX LAUNCHED

Islamabad: In order to promote the South Asian region as a combined investment destination for the global fund managers/investors, South Asian Federation of Exchanges (SAFE) in collaboration with Dow Jones Indexes Inc, New York, has launched first ever Dow Jones SAFE 100 Index comprising prominent companies listed on the major exchanges of the region. The index launching ceremony has been held in the annual general assembly of the SAFE held on March 11, 2009 at Abu Dhabi. Mr. Michael A. Petronella, president, Dow Jones Indexes, said that the South Asia is home to some of the most rapidly evolving financial markets worldwide. By further developing securities markets and aiming at their regional and international integration, the SAFE had been contributing significantly to these developments. The Dow Jones SAFE Indexes will provide market participants with accurate, transparent and reliable performance measures of leading companies in the SAARC region. He said that such indexes were yet another example of Dow Jones Indexes’ commitment to index excellence. Mr. Aftab Ahmad Ch. Secretary General SAFE and MD/CEO Islamabad Stock Exchange said that we are very delighted to launch the Dow Jones SAFE 100 index jointly with Dow Jones Indexes, well-known for reliable and world-class indexes. As a representative body of South Asian Exchanges, our effort had been to present the entire region as one investment destination and the launch of the Dow Jones SAFE 100 Index is an effort in the same direction. The index showcases the region as one asset class and can thanks to its superior methodology be used as an underlying tool for investment products on national and international level alike.This index would represent the collective movement, direction and trend of the regional stock markets and would enable global investors to use the same as a benchmark for the performance of their investments in the region. The index would also promote the region as an important asset class in the investment portfolio of the regional and international fund managers. The launch of the initial composite index of the region would also enable the Dow Jones to launch different sub indexes representing various major and performing sectors of the economies of the countries of the region such as banking, insurance, telecommunication, oil and gas sectors etc. In this way, the index would greatly help the investors in co-relating and comparing the performance of the similar sectors within different countries of South Asia. With the launch of this index, global asset management companies would be able to start Exchange Traded Funds (ETFs) based on SAFE-DJ index, besides enabling the regional and other international exchanges to start futures trading based on this index. It would also serve as an underlying tool for developing many other new investment products in the region.The Dow Jones SAFE 100 Index will measure the performance of the 50 largest Indian stocks and the 50 largest stocks trading in Bangladesh, Mauritius, Pakistan and Sri Lanka. Thus, the index includes 3 Bangladeshi, 5 Mauritian, 39 Pakistani and 3 Sri Lankan stocks. It may be mentioned that the SAFE is a forum launched by bourses in South Asia to promote the development of securities markets in the region. It comprises 24 member entities from the eight South Asian countries including Bangladesh, Bhutan, India, Maldives, Mauritius, Nepal, Pakistan and Sri Lanka. The member entities include stock markets, securities & depositories and clearing companies. The permanent Secretariat of the SAFE is situated in Islamabad.

Gains in selected stocks helped the indices to sustain upward trend started yesterday. ASI closed 7.21 points higher at 1626.05. MPI closed the day at 1684.97. Turnover was Rs 142.4 million.

Sri Lanka Telecom was up by 75 cents to close at Rs 34.00. Dialog Telekom ended the day 10 cents lower at Rs 4.70.

Market is more likely stabilize at current level.

Announcements

19-Mar-2009 DECLARATION OF FIRST AND FINAL DIVIDEND OF LKR 2/- PER SHARE FOR THE YEAR 2008 – PROPERTY DEVELOPMENT PLC

The company informed the CSE that “Further to our letter dated 24 February 2009 with regard to the above dividend by Property Development PLC, we hereby confirm that resolution to pay the proposed dividend was unanimously passed at the Annual General Meeting of the Company held today at 3.00 pm”.

The bad news for the economy just keeps on pouring. Today, a CLSA
report predicted that India's GDP growth could plummet to 4.6% in the
next fiscal while fiscal deficit will shoot up to unacceptable levels.
Though some in the government agree with this view, as a whole the
government is still trying to put on a brave front hoping that somehow
the Indian economy will revive in the second quarter of the next
fiscal. CNBC-TV18's Abhijit Neogy reports.

Just when the January IIP figures held out hope that the worst could
be over, there seems to be more bad news for the economy. Leading
foreign brokerage firm CLSA says India's growth may plummet to an
abysmal low of 4.6% in the next fiscal. Some key policymakers agree.

Abhijit Sen, Member, Planning Commission said, "Given the current
conditions where it seems the stimulus measures are still to kick in a
minimum growth of 5% is possible with the optimistic view being 6.5%
to 7%."

CLSA's report paints a bleak picture. Criticising the government's
fiscal profligacy just ahead of the elections, it predicts a total
deficit of 11% this year.

It also says this fiscal slippage will pull the rupee to a lifetime
low of 57 to a dollar, widen the trade deficit, and lead to flight of
capital.

But the real problem, it says, is that investments in manufacturing
have almost stopped. Companies have cut back on capex plans, profits
are under pressure, and returns on investment are disappointing. This
pressure is already reflecting in the revenue collections.

Even the revised direct tax target of Rs 3,45,000 crore may not be
met. The report also warns that an early recovery in this sector may
not happen. It adds that even a 150 basis point rate cut by the RBI
may not be much help. But policymakers are still banking on fiscal
stimulus measures.

"I think we again need a fiscal stimulus of at least 1.5 to 2% of
planned expenditure next fiscal but that call has now to be taken by
the government," Sen said.

The government is convinced that domestic demand, particularly in
rural areas, is intact. A rebound will start from the second quarter
of FY10. Senior Finance Ministry officials tell CNBC-TV18 that with
commodity prices falling, the government will save 1.8% of GDP in the
form of off-budget liabilities. This will offer a revenue cushion to
stimulate the economy, and achieve growth anywhere between 5-7%.

Source: Moneycontrol

ASI was up by 6.51 points to close at 1618.84 while MPI gained 9.40 to close at 1681.06. Turnover was Rs 1.16 billion boosted by larger parcel of JKH & DFCC Bank shares. Over 4.4 million John Keells Holdings & 9.7 million DFCC shares traded during the day.
Dialog Telekom closed 10 cents higher at Rs 4.80. Colombo Dockyard closed two rupees higher at Rs 65.50.

According to the brokers a foreign Fund sold their stake in DFCC, NDB & JKH but buyer still not known.

Announcements

18-Mar-2009 COLONIAL MOTORS PLC

The company informed the CSE that the Resolution pertaining to the declaration of a first & final dividend of Rs. 0.50 per share for the year ended 31st March 2008 was carried unanimously at the AGM of the company held on 18th March 2009.The company further confirmed that all the other resolutions set out in the Notice convening the above meeting were also carried unanimously.

Press Release – The Central Bank of Sri Lanka

The Central Bank of Sri Lanka (CBSL) is currently implementing the stimulus package for the banking, financing and leasing industry, which was approved by the Cabinet of Ministers on 25 February 2009.

In this connection, the following steps have already been taken in the implementation of the stimulus package and interventions to stabilise Registered Finance Companies (RFCs) and Specialised Leasing Companies (SLCs).

(1) The operating instructions for facilitating the sale of land, and the issue of Government Guarantees for facilities obtained from licensed banks and approved lending institutions, have been finalized, and will be issued to the RFCs and SLCs, this week.

(2) An Expert Group has been appointed as per the Cabinet decision, and such group will initially consist of the following persons:

(a) Mr Nishan Fernando, Chartered Accountant, President, Institute of Chartered Accountants of Sri Lanka.
(b) Mr Arittha Wikramanayake, Attorney-at-Law, Precedent Partner, Nithya Partners and former Director General of the Securities & Exchange Commission.
(c) Mr H M Hennayake Bandara, Chartered Accountant, President of the Association of Accounting Technicians of Sri Lanka and Additional General Manager, National Savings Bank.
(d) Mr Ajith Devasurendra, Former President, Primary Dealers’ Association and Deputy Chairman, Browns Group of Companies.

This Expert Group will advise and assist in the implementation of the eight point stimulus package, as well as to stabilise the situation in any RFC and SLC. The Expert Group has also intimated that they will not accept any remuneration for their services.

(3) The CBSL has also taken the following special measures of intervention in relation to five RFCs in the Ceylinco Group:

a) The Finance Company PLC (TFC)
· Lankaputhra Development Bank Ltd. has been appointed as the Managing Agent of TFC, which will function under the guidance of the Expert Group and the CBSL.
· The CBSL has appointed certain key executives who would be entrusted with the overall management responsibilities of this company; all other directors have been removed from their executive positions on the Board of Directors.
· The Expert Group has commenced its operations and is in the process of making the necessary interventions expeditiously.
· The company has taken many steps to reduce administrative and operating expenses substantially, and the CBSL has ordered that the company does not transfer any resources of the company to related parties.
· The trade unions in the company have given an assurance that the employees will work towards reducing expenses in order to further stabilise the company

b) The Finance and Guarantee Company Ltd
The Merchant Bank of Sri Lanka PLC has entered into a management agreement with The Finance and Guarantee Company Ltd., so that the activities of The Finance and Guarantee Company Ltd. would be managed and monitored by the Merchant Bank of Sri Lanka PLC.

c) Ceylinco Investment and Realty Ltd
Lankaputhra Development Bank Ltd. has been appointed as the Managing Agent of Ceylinco Investment and Realty Ltd., which will function under the guidance of the Expert Group and the CBSL.

d) Asian Finance Ltd
Lankaputhra Development Bank Ltd. has been appointed as the Managing Agent of Asian Finance Ltd., which will function under the guidance of the Expert Group and the CBSL.

e) Seylan Merchant Leasing PLC
Seylan Merchant Bank PLC has decided to divest its shareholding of about 81% in Seylan Merchant Leasing PLC to People’s Leasing Company Ltd.

In the case of the above companies, the Expert Group would be advising the respective management teams of additional steps to be taken, while also assisting in obtaining necessary financing support from financial institutions.

The above measures and their quick implementation are expected to stabilise the above mentioned companies of the Ceylinco Group, as well as give confidence to the entire industry.

(4) With regard to repossessed vehicles and equipment, in accordance with the Cabinet decision, all movable assets repossessed by RFCs and SLCs and yet undisposed of and in their possession, will be offered to the original users (lessees/hirers) before 30 April 2009, on the following terms:

(a) the original lessee or hirer must agree to re-enter into a new lease within one month of the offer.
(b) Penal interest or similar charges to be waived by the RFC or SLC
(c) Seizing charges, storage/parking yard charges, etc to be waived by the RFC or SLC
(d) 25% of the outstanding amount of the existing facility to be paid by the original users (lessees/hirers) at the time of re-hire of the asset, and the balance amount to be on a new 2-year finance lease, with normal terms and conditions as may be set out by the RFC or SLC.
This measure would enable these assets to be put into productive use once again, thus supporting economic activity in the country.