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Abnormal rise in share prices: AMFC unaware of reasons for unusual trading

21 Jun 2021

By Karen Hapuarachchi Associated Motor Finance Company PLC (AMFC) recently disclosed to the Colombo Stock Exchange (CSE) that the company is unaware of any reasons behind unusual trading of the Company's shares.  The share price of AMFC saw a sharp rise in the past week in the stock market, as the final share price of the company last Friday (18) rose to Rs. 460.00 from Rs. 412.25 on the same day, whereas the share price was Rs. 285.00 a week ago. Following this, the AMF Chief Executive Officer (CEO) issued a notice to the CSE, officially informing that the Board of Directors of the company is not aware of any undisclosed information or any other reason that may have influenced the unusual trading activities. AMF, a quoted public limited liability company registered with the Monetary Board of the Central Bank of Sri Lanka (CBSL), also officially merged operations with Arpico Finance Company PLC (AFC) in the CSE in April 2021. The company also acquired 94% of shares in AFC in October 2014, prior to the merge of the two finance companies. Established in 1962, AMFC currently consists of a network of leasing vehicles while specialising in personal loans, mortgage loans, and acceptance of time and savings deposits.

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