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Carson’s oil palm firms to avoid minimum public float by delisting

8 May 2015 03:34 am - 0     - {{hitsCtrl.values.hits}}

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Four companies collectively account for market cap of Rs.51.61 billion or 1.77 percent
 

The publicly trading plantation companies of the Carson group will be delisted from the Colombo Stock Exchange (CSE) due to the group’s unwillingness to adhere to the minimum public float listing rules of the market regulator.
“The majority shareholder does not have any intention of diluting its holding nor does the company intend to issue further shares in order to conform to the said rule. This would therefore entail the initiation of a de-listing process,” Carsons Group Deputy Chairman Harry Selvanathan said in his 2014/15 Review.
Therefore, subsidiaries Indo Malay PLC, Shalimar (Malay) PLC, Good Hope PLC and Selinsing PLC, which collectively account for a market capitalization of Rs.51.61 billion or 1.77 percent of the CSE’s market capitalization will be delisted.
The 20 percent minimum public float rule was brought on by the Securities Exchange Commission in January 2014 for companies listed on the main board, which is expected to be followed by all listed companies by December 2016.
The group, in its 2013/14 Annual Report had first said that they would seek delisting, yet it had been keen on consolidating its hold on the plantation companies prior to the rule coming to force, extending a voluntary offer to purchase the remaining shares of the minority owners in 2011, which was not completely successful.
Since then, the group had purchased some of the remaining shares on a piecemeal basis. 
Currently, Carsons’ Singapore-based subsidiary, Good Hope Asia Holdings Ltd. and other subsidies own over 90 percent of the 4 companies, which operate oil palm plantations in Indonesia and Malaysia. 
(CW)

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