Reference is made to the announcement made by Capital Market Development Authority (CMDA) on 14 May 2013 (No. (IUL) 179-4.2/PRIV/2013) fining Dhiraagu under the Securities (Continuing Disclosure Obligations of Issuers (CDOI Regulation 2010)) Regulation 2010 for failing to publish Dhiraagu’s 4th Quarter Report.
We sincerely apologise to our shareholders and customers for this unfortunate event which we believe has taken place due to a series of misunderstandings between CMDA and Dhiraagu.
In line with the special waiver granted by CMDA (under section 16 of the CDOI Regulation), Dhiraagu published the 4th Quarter Report for 2011/12 on 14th May 2012. The waiver was granted in January 2012 on the grounds that the Dhiraagu’s then majority shareholder; CWC, being listed on the London Stock Exchange was required to publish quarterly financial reports within 45 days of the end of each quarter. Any publication of Dhiraagu’s financial reports in compliance with the 30 day period prescribed in section 7 of the CDOI Regulation would have resulted in financially sensitive numbers being made publically available before the consolidated CWC Group results were published.
Given that CWC still remained the majority shareholder on the 31st of March 2013, and the reasons for the waiver was granted had not materially changed and no instruction was issued to the contrary by the Regulator, the 4th Quarter Report for 2012/13 was published at 1500 hrs on 14th May 2013 which is within the time-frame allocated to us by CMDA under this waiver.
We would like to keep our shareholders and customers informed that the publication of Dhiraagu quarterly reports have been continuously published within 45 days as per the time frame previously approved by CMDA.
As a public listed company we take the publication of financial reports very seriously and have always published such reports in compliance with the Regulators’ instructions. We assure our shareholders and customers that we will continue to adhere to all legal and regulatory requirements.
