Says concerned about any outcome following price band
PCH is set to launch its new Knowledge Process Outsourcing (KPO) operation through its fully owned subsidiary, Procifinity Limited, by February 2011 and will implement all its plans as laid down in the Prospectus issued in connection with its Initial Public Offering in August 2010, a company statement said.
It also noted that the company is extremely bullish about its prospects, given its position as the number one ICT service provider in the country coupled with the fact that the ICT Industry is one of the fastest growing sectors in the economy.
"The natural consequence of this should be that all present and prospective shareholders of PCH could look forward to extremely attractive returns from the continuous appreciation in the value of the Company's shares and future dividends" the statement said.
It further said company officials also have met with the senior SEC officials yesterday regarding the price band on PCH shares. They were informed that such bands come into effect automatically on any counter which exceeds a pre-determined level of price movement and volume traded based on each listed company's free float over a period of 5 days on a daily roll-over basis.
PCH pointed out that listed companies have no control whatsoever over price movements that occur in the stock market. The share market is purely a secondary market for the purpose of trading listed shares which is totally controlled by buyers and sellers who operate through approved stock-brokers, and the entire market is regulated by the SEC.
The Company said that it was very concerned at any possible negative consequence that the SEC's price band had against its good reputation, and reiterated that what happens in the stock exchange is totally independent of the operations of PCH.
The firm acknowledged good performance so far this year and expect to comfortably surpass its financial targets for the year that will end in March 2011.
source - www.dailymirror.lk
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