FINANCIAL CHRONICLE – Wealth Trust Securities of Sri Lanka has clarified that an erroneous share trade during its debut on the Colombo Stock Exchange was unrelated to the company or its pre-IPO shareholders.
In a statement, the company affirmed, “The Company further confirms that no shares have been sold by pre-IPO shareholders in the market.” It further stated, “There is no impact on the Company’s fundamentals, operations, or previously disclosed information.”
The firm also called upon the Capital Market Regulatory Authorities to “investigate and act on this incident to ensure prevention of similar market disruptions in the future.”
The full statement from the company is as follows:
SPECIAL NOTICE
Trading on the Colombo Stock Exchange was temporarily halted. It is our current understanding that this was due to an isolated, seemingly erroneous trade in WLTH shares by a market participant, which resulted in unexpected market activity.
Based on information available to the Company, the trading halt was purely a market-driven event arising from this execution error and was not caused by any action, disclosure, or transaction initiated by the Company or its pre-IPO shareholders.
The Company further confirms that no shares have been sold by pre-IPO shareholders in the market. There is no impact on the Company’s fundamentals, operations, or previously disclosed information.
We understand that the Colombo Stock Exchange is currently investigating the root cause of the incident and will communicate the procedure and timeline for the resumption of trading in due course.
We urge the Capital Market Regulatory Authorities to investigate and act on this incident to ensure prevention of similar market disruptions in the future.
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