An extraordinary general meeting of Capital Reach Holdings, a company promoted by Central Bank Governor Ajit Nivard Cabraal before he accepted public office, was adjourned on Friday with shareholders present agreeing to further discuss the possibility of listing the company on the Colombo Stock Exchange.

The EGM was called to obtain shareholder approval for listing Capital Reach but it was clear before this meeting that the required 75% majority for this purpose will not be available as a new group led by Asia Capital which now has control of the company had sent in proxies for 47% of its voting rights.

Well informed sources said that there is a possibility that the new controlling group who have already purchased shares of some corporate entities that invested in Capital Reach when it was launched in 2005 may be willing to pay the ten rupee price they paid for these shares to other minority shareholders take up some proportion of the balance.

Only the present managers and the new controlling interest with over 51% of the company’s shares were present at Friday’s meeting.

Capital Reach whose main business is leasing, hire purchase etc, acquired two viable and performing Vanik companies to launch its business.

The company which has paid no dividends to the original investors has now turned profitable and had hoped that listing it on the CSE will see its share price appreciate above the ten-rupee issue price.