Sri Lanka, Oct. 29 -- Colombo Dockyard yesterday voiced concern over the recent spike in its share price, calling the activity "unusual and inexplicable" at a time when the company's financial distress has been well communicated to the market.
In a disclosure to the Colombo Stock Exchange (CSE), responding to concerns raised by the market operator in this regard, the company stated: "We have also noted the unusual trading price movement of the Company's share in recent times with concern."
The shipbuilder noted that it has, on multiple occasions, issued updates and statements outlining its dire financial position and ongoing efforts to obtain regulatory approval for a proposed rights issue. The company reiterated that the capital raising,...