This is further to the Press Release dated 02.01.2018 relating to ETI Finance Limited (ETIFL) and Swarnamahal Financial Services PLC (SFSP).

The Monetary Board of the Central Bank of Sri Lanka (CBSL), having considered the critical financial conditions of ETIFL and the possible implications to the financial system, decided to permit and facilitate ETIFL to sell its holding of shares in subsidiary and sub-subsidiary companies and investment properties, based on a proposal submitted by the Board of Directors of ETIFL, for a net amount of USD 75 million subject to compliance with the applicable laws and regulations.  

The Manufacturing Sector PMI contracted recording an index value of 45.5 in April with a decline of 20.1 index points from March. The new year holidays in April dragged back the manufacturing activities following the peak level of activities observed in the previous month, and was in line with the pattern observed in previous years. The contraction of PMI in April was largely attributable to the contraction in the Production and New Orders sub-indices. Stock of Purchases and Employment sub-indices also decreased during the month. Moreover, lengthening of the Suppliers’ Delivery Time sub-index slowed down during the month which partially indicates that suppliers are less busy. Respondents highlighted that increase in unauthorised absentees following new year holidays disturbed the manufacturing activities. Moreover, respondents, especially in the Textiles and Apparel sector, highlighted difficulties in finding both skilled and unskilled workers. However, the Expectation for activities indicates an improvement for the next three months.