The plan was earlier announced in the annual reports of the companies and further stated at its AGMs held on Thursday.
K.C. Vignarajah, an IMS who has consistently fought for justice and fairplay to all stakeholders, said he vehemently opposed the move by the company using new delisting rules introduced recently by the Securities and Exchange Commission (SEC) which provides for a compulsory minimum public float of 20 per cent or an option of delisting.
“There are loopholes in these rules and these companies are making use of this to delist, fleecing IMS,” he said, adding that he has also urged that in case of delisting a fair value should be given to shareholders to sell their shares. He said while the market price is now Rs. 1,600 per share of these companies, a fair value should be at least Rs. 7,000 per share.He accused the holding company of buying shares in the market over a period of time and deliberately reducing the public float which is now at around just 5 per cent of total shares.
In a separate statement, he questioned why the SEC and the Colombo Stock Exchange (CSE) was allowing these ‘four golden Malaysian Palm Oil PLCs (4MPCs) to slip away impoverishing the IMS the Colombo bourse and our country?’