Sri Lanka stock exchange halts trading in Orient Garments
ECONOMYNEXT – Sri Lanka’s stock exchange said it had imposed a trading halt on the securities of Orient Garments PLC (OGL), a listed garment manufacturer, as it had failed to respond to queries on its current status.
The Colombo Stock Exchange said in a statement it has written to Orient Garments twice, last week and this week, requiring the company to make a disclosure regarding the current status of the company.
“However, the CSE has not received a response from OGL todate,” the statement said. “In the above circumstances, the CSE has imposed a Trading Halt on the securities of the company until the company submits a disclosure to CSE to be disseminated to the market regarding the current status of the company.”
OGL has faced litigation with a big shareholder seeking to have the firm liquidated.
(Colombo/January 14, 2016)