Following the Initial Public Offering of Kapruka Holdings, Sri Lanka’s first and largest locally owned e-commerce enterprise, allegations swirled around social media stating that Kapruka entered into an illegal agreement with High Net worth Investors violating the terms of CSE prospectus.
The Kapruka Holdings IPO planned to raise LKR 500 million by offering 32.8 million ordinary voting shares, a 20% stake in the company.
Kapruka Holdings Founder & CEO Dulith Herath responded by stating that he is unaware of the specifics of the allegations and is sure that Kapruka has not done anything wrong. Furthermore, he noted that any preferential allocations were done within the rules and on the advice of Priyanthi Pieris, one of the company’s directors and most-respected lawyers in Sri Lanka.
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