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Metropolitan Resource Holdings to delist

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1 January 2016 06:59 am - 0     - {{hitsCtrl.values.hits}}

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Metropolitan Resource Holdings PLC (MRH) announced yesterday that it is looking to delist from the Colombo Stock Exchange (CSE).
In a filing to the Colombo Stock Exchange (CSE), the company MRH shared it proposal to delist the securities of the company from the official list.
MRH justified its decision stating that as in the opinion of the management there is no rationale for the company to continue to be listed after having taken into account two key factors.

The first is that the only asset of MRH is the investment of 67 percent of the shares in Bogawantalawa Plantations PLC, which is also a listed company. 
It noted that 48 percent of total expenses of MRH is the expenses incurred to be a listed entity.
The second is that the shares of MRH have had a low liquidity over the last several years, as a result of which there is a strong possibility of the price of a share to be manipulated, thereby distorting real value.

Having considered the above, the filing said it was resolved that the directors to make necessary arrangements to purchase the shares of any shareholder who wishes to sell his or her shares at Rs.28 per share in terms of Rule 5 of CSE.

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