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Sri Lanka Equity Forum » Stock Market Talk » Historic Sri Lanka listed oil palm firms to go private after interventionist rule

Historic Sri Lanka listed oil palm firms to go private after interventionist rule

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Jayashantha

Jayashantha
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Sri Lanka listed palm oil plantations in East Asia that date back to the British Colonial period are on track to be de-listed following an interventionist rule requiring a minimum 'public float'.

Shalimar (Malay), Selinsing, Good Hope and Indo Malay, were companies set up in then Ceylon to raise capital to start plantations in Malaysia at a time when plantations stock was traded in Colombo and it was a fledgling financial centre in Asia.

The firms are part of Sri Lanka's Carson Cumberbatch group, itself a British Colonial-era firm that served the plantations sector.

Sri Lanka introduced a 25 percent minimum public float rule for main board companies in last December.

The oil palm firms have been on a private path for some time.

Chairman H Selvanathan said the parent company had earlier made a voluntary offer to buy out minority shareholders and continued to pick up shares after that.

"..[T]he majority shareholder does not have any intention of diluting its holding nor does the Company intend to issue further shares in order to conform to the said Rule, and as such the Company is considering the option of de-listing from the Colombo Stock Exchange which would be done in consultation with the Regulator and required shareholder approval," he said in the annual reports of the companies.

Read more on http://www.lankabusinessonline.com/news/historic-sri-lanka-listed-oil-palm-firms-to-go-private-after-interventionist-rule/726059176

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