Aug 11, Colombo: The Securities Exchange Commission (SEC) of Sri Lanka Monday issued a directive cancelling the pending purchase of PC Pharma PLC by Adam Investments PLC.
The SEC said in a statement that having considered the circumstances surrounding the divestiture of entire stake of 31% of PC Pharma PLC by Adam Investments PLC on 7th August 2014, whilst a mandatory offer was pending by Adam Investments for the purchase of shares outstanding of PC Pharma PLC, decided to cancel the sale for the protection of the investors.
The SEC directed the Colombo Stock Exchange to cancel the sale with immediate effect and to take all ancillary and incidental steps to preserve the status quo ante.
Accordingly, CSE has imposed a trading halt on PCH Holdings (PCHH) pending further clarification on the disclosure made by PCHH on 08th August 2014. PC Pharma PLC is a subsidiary of PCH Holdings.