Morison receives shareholder nod for delisting

The shareholders of Morison PLC approved the delisting of its voting and non-voting shares from the Colombo Stock Exchange, by way of a special resolution, having over 75 percent shareholders present and voting at the Extraordinary General Meeting of the company, held on September 27, 2019.   

The company stated that it would now make an application to the Securities and Exchange Commission (SEC) for its approval for the delisting, as required by Rule 5 of the Gazette Extraordinary No. 1215/5, dated December 18, 2001.

In terms of the resolutions passed, the majority shareholder of Morison PLC, Hemas Manufacturing (Private) Limited, will offer to purchase the shares of the shareholders who wish to sell their shares in view of the delisting, at a price of Rs.850 per voting share and Rs.700 per non-voting share. 

The company said the offer would be duly sent out after the approval is received from the SEC.