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However, with effect from 31 July 2016, Mr. Dhammika Perera relinquished as Chairman of Sampath Bank PLC since he completed his term of nine years as a Director. Consequently, the Board of directors of Vallibel One PLC decided that the existence of significant influence over Sampath Bank PLC by Vallibel One PLC was no longer applicable as per the provisions of LKAS 28.Hence, the Company discontinued the use of equity method of accounting and in terms of LKAS 39 decided to exercise the option to treat the investment as being available for sale. Accordingly the effect of mark to market value of Rs.828 Mn as at 31st July 2016 and share of profits of Rs.2,469 Mn which were recognized in previous years were reversed in this quarter’s statement of income.
The total Loss of Vallibel One PLC after considering the reclassification to Available For Sale financial Assets is Rs. 451 Mn. However if the results of Sampath Bank PLC and the adjustments resulting from the reclassification is not considered, the Vallibel One PLC would have earned a total profit of Rs.3,053Mn
