Expolanka extends Exit Offer deadline to 10 June

Tuesday, 4 June 2024 02:40 - - {{hitsCtrl.values.hits}}

Expolanka Holdings PLC yesterday announced that the Exit Offer to minority shareholders has been extended till 4.30 p.m. 10 June as against the previous timeline of 3 June.

The payments for the Offer received from 4 June to 10 June shall be made on or before, 28 June. The time lines as set out in the original Exit Offer too shall continue to remain. The move follows the application filed before the Court of Appeal by 9 minority shareholders holding approximately 0.012% of the shares challenging the delisting of Expolanka Holdings and the Court is scheduled to hold a further hearing on 6 June.

Expolanka also said the extension was necessitated by the latest legal development as well as many requests received by foreign shareholders and representatives of deceased shareholders requesting additional time.

The Exit Offer at Rs. 185 per share to minority shareholders holding 343.38 million shares by SG Holdings of Singapore (which owns 82.4% stake) originally opened on 15 May.

On 27 March, at the Extraordinary General Meeting the shareholders of Expolanka Holdings approved the requisite resolution pertaining to the proposed delisting of the shares of Expolanka Holdings from the Official List of the CSE.

Following the EGM, the company forwarded the delisting application to the Securities and Exchange Commission on 3 April and the SEC, by their letter dated 7 May granted approval for the delisting application.