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Tuesday, May 31, 2011

SFS shares make strong debut

SFS an EAP Edirisinghe Company are preparing to launch a Gold Exchange Trading Fund (ETF) to provide opportunities for the public to invest in gold.

This is following the plan to implement a Commodities Exchange in Sri Lanka.

"The legal framework is still being assembled and we expect it will be implemented by the end of this year," SFS Director Nalaka Edirisinghe said. "Gold is a highly demanded metal and is something the public knows about. Thus, the opportunity to invest and gain benefit from it will be an exciting opportunity for the public," he said.

The company posted a pre-tax net profit of Rs 120.6 million for the FY ended March 31, 2011 as opposed to the Rs 23.3 million recorded in the previous year.

Net profit after tax was Rs 76 million as opposed to the Rs 16.8 million the year before.

Swarnamahal Financial Services Ltd. (SFS) listed 25 million ordinary shares on the Diri Savi Board of the Colombo Stock Exchange last week.

A total number of 25 million voting shares have been listed as per a listing directive issued by the Central Bank. The total number of shares in issue is 25 million.

The highest price the share traded was at Rs 100 and the lowest Rs 41. A total of 682,600 shares traded and the shares closed at Rs 43 at the first day of trading.
source - www.dailynews.lk