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Bogala Graphite weighing options to remain as listed entity

19 November 2015 02:58 am - 0     - {{hitsCtrl.values.hits}}

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Bogala Graphite Lanka PLC, one of the world’s largest exporters of vein graphite, is currently considering its options in remaining as a listed entity on the Colombo Stock Exchange, pursuant to the minimum public float rules.

“Currently the company is evaluating what steps it should take to remain as a listed entity on the Colombo Stock Exchange. Once a decision is made, all shareholders will be kept informed,” the company said in its financial statements for the third quarter ended September 2015.

German-based Graphit Kropfmuhl GmbH owns 90.33 percent of the shares in Bogala Graphite Lanka, while the second largest shareholder is the Treasury Secretary with 0.54 percent of ownership.

The company has a market capitalization of Rs.1.59 billion.

Mirror Business reported recently that a few entities have delisted from the stock exchange due to the rules, while several have demoted themselves to the secondary board and several others have announced their intentions to delist from the bourse.

According to the public free float rules, the public should have 20 percent ownership of a main board entity or a 10 percent ownership in a secondary board entity before December 31, 2016.

The rules were brought into effect in January 2014, but entities were given grace periods of up to December 2016 under the condition that public floating would be improved to 15 percent in main board companies and 7.5 percent in secondary board companies by December 31, 2015.
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