Minimum 200 shareholders must for Diri Savi Board firms
Monday, 14 October 2013 00:00
-
- {{hitsCtrl.values.hits}}
The Securities and Exchange Commission (SEC) has decided to increase the minimum number of public shareholders required for listing on the Diri Savi Board.
This move, SEC said was after much deliberation and public consultation. The SEC directed the Colombo Stock Exchange to amend Rule 2.1.3 c of the Listing Rules of the Colombo Stock Exchange on the Public Holding requirement on the Diri Savi Board to have a minimum Public Holding of 10% of the total number of shares at the time of listing to be held by a minimum of 200 public shareholders. This directive will be effective from the date hereof and shall be applicable to all methods of listing on the Diri Savi Board.
There are around 55 companies currently listed on the Diri Savi Board.
Eligibility to be listed on the Diri Savi Board includes a) Stated Capital of not less than Rs. 100 million at the time of listing; Positive Net Assets as per the consolidated audited financial statements for the financial year immediately preceding the date of application, and an operating history of at least one year immediately preceding the date of application; and A minimum Public Holding of 10% of the total number of shares for which the listing is sought which shall be in the hands of a minimum number of 200 public shareholders.
