Odel PLC, acquired by Softlogic Group a few years ago, is likely to be de-listed from the Colombo Stock Exchange (CSE), according to market sources.
As at December 31, 2015 Odel’s freefloat was at 6.3 per cent and the CSE’s minimum requirement to be on the second board is 10 per cent. Since the start of this year, Softlogic Retail has purchased Odel shares on several occasions. “On five occasions in January, Softlogic had bought 56,150 shares ranging from prices between Rs. 19 to Rs. 22. This was even after it had passed the minimum requirement. This is a strong conclusion that this company will be taken off the CSE,” an analyst said.