SEC approves Finlays Sri Lanka de-listing

Wednesday, 23 December 2015 00:00 - - {{hitsCtrl.values.hits}}

The Securities and Exchange Commission has granted approval to tea exporter Finlays Colombo PLC to delist its ordinary shares from the Colombo Stock Exchange.

A stock exchange filing said, offer documents on the exit offer to be made by James Finlay Ltd. of London will be sent to the rest of the shareholders in due course to facilitate the delisting.

Accordingly, 35 million ordinary shares of the company will be delisted from the official list of the CSE and those shares will be purchased by James Finalys Limited of Swire House, 59, Buckingham Gate, London, from shareholders at Rs. 302 a share.

The board of directors of Finlays initiated the delisting process as a result of the mandatory public free float requirements brought in by the market regulator. Once the delisting is carried out, the company will henceforth be known as Finlays Colombo Limited.

The company blends and packages tea for export and is also into cold storage logistics, tea warehousing and insurance brokering. (SD)