Good Hope plc, a Carson Cumberbatch company, has announced its intention to delist from the Colombo Stock Exchange (CSE).
In its report on the second quarter quarterlies in the quarter ended 30 September, 2015; the company said that...Adducing reasons behind this move, Good Hope further said that as per the Colombo Stock Exchange (CSE) Listing Rule No. 7.13, a listed entity on the Main Board having a public holding below the specified requirement in terms of CSE rules, has to ensure that the public holding of such an entity is maintained at a minimum level of 15% of its total ordinary voting shares in the hands of a minimum number of 500 public shareholders on or before 31 December, 2015.
The majority shareholder does not have any intention of diluting its holdings nor does the Company intends to issue further shares in order to conform to the said rule, the CSE said.This would therefore entail the initiation of a delisting process, it said.
When so decided, this would be done in consultation with the regulator and with the required shareholder approval, Good Hope said.
The Carson Cumberbatch Group is controlled by the Selvanathan brothers Mano and Hari.(PGA)
link : www.ceylontoday,lk