EPF gets a profit of 800 million rupees
The Employees Provident Fund gets a profit of 800 million rupees.
The Employees Provident Fund which possessed 71 million shares of conglomerate John Keells Holdings had been sold at 194 rupees per share, bringing a capital gain to the Fund. These shares have been purchased by Malaysia’s Khazana Nasional Berhard, a sovereign wealth Fund.
As a result of this investment, Sri Lanka has received foreign exchange to the tune of 113 million US Dollars. This will help to maintain stability in Foreign Exchange rates. This has clearly displayed the confidence shown by foreign investors. It had brought liquidity to the stock exchange and boosted transactions.
The transaction increased the Stock Market index by about one percent. The Employees Provident Fund has the capability of reinvesting this in the Share Market in Treasury Bills. Accordingly Central Bank sources said the pressure on the interest rate will also ease.