Separate board to list BoI firms

15 October 2013 03:33 am - 0 - {{hitsCtrl.values.hits}}

A A A

Both the Securities and Exchange Commission (SEC) and Colombo Stock Exchange (CSE) are currently working on a project to lure the Board of Investment (BoI) companies into the stock market in a bid to increase the number of listings and market liquidity, according to a top capital market official.

SEC Chairman Dr. Nalaka Godahewa told last week that a separate board would be introduced in addition to the existing Main Board and the Diri Savi Board to facilitate the process.

“We have agreed to allow the BoI companies to list on a separate board without having to wait three years to list on the Main Board,” he told a business forum organised by the CSE targeting potential new listings.

Currently, a company seeking a listing on the CSE, irrespective of being a BoI or otherwise, will have to follow the existing listing rules and thus, the BoI firms do not enjoy any special treatment.

Meanwhile, CSE Assistant General Manager for Regulatory Affairs Renuke Wijewardena speaking to Mirror Business said although this is a new development, they have not finalized any rules as yet.

“This is a new thing. But we have not yet finalized any rules so far,” he remarked.

However, to this end, a policy paper has already been prepared and both the SEC and CSE have extensively discussed them.

“These policy papers have been extensively discussed both at the CSE and SEC to address all possible concerns,” Dr. Godahewa added.

According to the BoI, there are about 1,700 BoI companies operating in Sri Lanka but did not have figures as to how many are already listed on the CSE.

“But I believe most, if not all leading Sri Lankan companies such as John Keells Holdings have some of their business units established under the BoI and most of these companies are listed,” said BoI Director Media and Publicity Dilip S. Samarasinghe.

Both the SEC and CSE are currently exploring all available options to lure more companies to go public in their quest to increase the number of listed entities to 400 by 2016 from the existing 288 and to improve the market capitalization to at least 50 percent of the gross domestic product (GDP) by the end of 2016. (DK)

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Comments - 0

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Separate board to list BoI firms

Comments - 0

Add comment

RECOMMENDED

UDA owned land in Thalawathugoda; UDA Minister Prasanna Ranatunga under the spotlight for forceful occupation of reserved land

Loss-making SMIB faces political pressure in recovering loans

Baltimore Bridge Collapse: MV Dali, SL authorities anchored in mystery?

Has Sri Lanka become a potential hub for the illegal wildlife trade?

Spotlight on Moragahakanda Development Project Moragolla villagers lose livelihoods and down to one meal a day

Ambitious Sri Lankan jobseekers ‘trafficked into Ukraine war zones’

Western purple-faced langurs see blue!

Most Viewed in News

Belgian traveller scammed in Kalutara

April 15 declared a government holiday

No decision to declare April 15 as public holiday

Suspicious death of 23-year-old woman at hotel sparks concerns

Train fails to halt, crashes onto Colombo Fort platform

Sri Lanka’s Rupee leads emerging markets in 1st quarter of 2024

MIRROR CRICKET

TODAY'S HEADLINES