October 10, Colombo: The week ended today at th Colombo Stick Exchanges is reported to be a very disturbing period at the bourse although the market commenced operations on mixed sentiments on Monday.

However, indices were consistently on negative grounds after that, with the worse performance been witnessed on Friday whereby, both indices were down in the range 4% - 5% when compared with the previous day. All Share Price Index (ASPI) was down by a massive 230.84 points (10.71%) to settle at 1924.69 while the more liquid Milanka Price Index (MPI) dipped by an appalling 291.51 points (12.06%) to close the week at 2125.40.

This weeks’ spotlight fell on a number of companies, starting with Vanik Incorporation PLC (VANI) whereby a case was filed for the purpose of winding up by Hong Kong and Shanghai Banking Corporation (HSBC) as the trustee for the holders of the Vanik debentures and Ruhunu Development Bank District Court of Colombo on the 3rd of October. In accordance with this development, trading was suspended on Monday. The case will be called on the 21st of November 2008.

Meanwhile Richard Pieris & Company PLC (RICH) has demonstrated its’ interest in divesting the 100% owned subsidiary, RPC Management Services as a means of divesting the stake held in Maskeliya Plantations (MASK). The said subsidiary also had a 68% controlling interest in Kegalle Plantations PLC (KGAL) but this stake was subsequently transferred to RPC Plantation Management Services with the objective of retaining the stakes in both Namunukula Plantations PLC (NAMU) and KGAL. RICH had a stake of 59% in NAMU as at 31st March 2008. Currently RPC Management Services holds 64% of MASK. As per Group Chairman, Dr. Sena Yaddehige, the sale will take place as soon as the “right price” is arrived at the negotiation table.