Colombo, Sri Lanka – 01 October 2026 – First Capital Treasuries PLC (FCT), a prominent player in Sri Lanka’s financial sector, has announced the resignation of Mr. Ramesh Schaffter from his position as a Non-Independent Non-Executive Director. The resignation, effective from 01 October 2026, was made public through an official filing with the Colombo Stock Exchange (CSE) on 30 September 2026.
Reason for Resignation: Board Restructuring
According to the official communication submitted to the CSE by Company Secretary Ms. Heidy Seneviratne, Mr. Schaffter notified the FCT Board of his decision to resign on 29 September 2026. The primary reason cited for his departure is to facilitate the ongoing restructuring of the Board of First Capital Treasuries PLC. This move indicates a strategic realignment within the company’s governance structure, aiming to optimize its leadership composition.
Compliance with CSE Listing Rules
The announcement underscores adherence to Section 9.10.3 of the Listing Rules of the Colombo Stock Exchange, which mandates timely disclosure of director resignations. First Capital Treasuries PLC has confirmed that Mr. Schaffter’s “Relevant Interest” in the shares of the Company will be disclosed separately, in full compliance with the CSE Listing Rules. This ensures transparency for shareholders and the broader market regarding his holdings.
Impact on First Capital Treasuries PLC
First Capital Treasuries PLC is a respected entity within Sri Lanka’s primary dealer market, specializing in government securities. The departure of a director, particularly one involved in non-executive oversight, often signals a period of internal review or strategic shift. While the company has indicated “board restructuring” as the reason, the market will closely observe any further changes or appointments to the Board, as well as the company’s future strategic direction.
The company maintains its commitment to upholding good corporate governance and ensuring that its board comprises individuals who can best steer FCT through the evolving financial landscape of Sri Lanka.
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