ECONOMYNEXT – A group of shareholders of Expolanka Holdings Plc have filed a case to prevent the delisting, the company said in a stock exchange filing.
“Nine minority shareholders of Expolanka Holdings PLC holding approximately 0.012% of the shares thereof, have filed an application before the Court of Appeal of the Democratic Socialist Republic of Sri Lanka challenging the de-listing of Expolanka Holdings PLC.”
Both the Securities and Exchange Commission of Sri Lanka and the Colombo Stock Exchange have been made parties to the said application, the company said.
The limited Objections of the Respondents are due on Wednesday, May 29 and the matter is fixed for support on the May 31.
“The Company will be resisting the said application.”
SG Holdings, the parent company of Expolanka Holdings Plc, announced on March 1 it was delisting the company from the Colombo Stock Exchange.
SG Holdings Global Pte Ltd, the company’s majority shareholder, said it will purchase its shares from shareholders at 185.00 rupees a share.
The share last traded around 150.50, before the delisting was announced. Expolanka was the largest listed company on the Colombo Stock Exchange.
A valuation report by KPMG on Expolanka Holdings Plc suggested the value of a share between 136.9 rupees and 152.6 rupees, making the exit offer a generous offer. (Colombo/May28/20224)