Expolanka Holdings’ Exit Offer on until June 10; delisting challenged in court

By Hiran H.Senewiratne

Expolanka Holdings PLC, a company that at one time enjoyed one of the highest market capitalizations in the CSE, has exited the market and is extending its Exit Offer until 4.30 PM on June 10, 2024.

SG Holdings, the parent company of Expolanka Holdings, announced on March 1 it was delisting the company from the CSE.

Some minority shareholders have filed a case challenging the delisting of Expolanka Holdings, before the Court of Appeal of Sri Lanka. The court is scheduled to hold a further hearing on June 6.

“By reason of the aforesaid and by reason of the many requests received by Foreign shareholders and representatives of deceased shareholders requesting additional time, the company has taken the decision to extend the Exit Offer until 4.30 PM on Monday, 10th June 2024, Expolanka said in a CSE filing.

Both indices moved downwards. The All Share Price Index went down by 44.46 points, while the S and P SL20 declined by 7.14 points. Turnover stood at Rs 686 million without a crossing.

In the retail market top seven companies that mainly contributed to the turnover were; Browns Investments Rs 73.5 million (12.4 million shares traded), Dialog Rs 71.8 million (6.4 million shares traded), Hayleys Rs 35 million (375,000 shares traded), L0LC Holdings Rs 33 million (73000 shares traded), Dipped Products Rs 24 million (724,000 shares traded), CIC Holdings (Non- Voting) Rs 23.3 million (402,000 shares traded) and Sampath Bank Rs 16.5 million (212,000 shares traded). During the day 43.1 million share volumes changed hands in 9180 transactions.

Yesterday the rupee opened stable at 301.85/302.00 to the US dollar, from 301.90/302.00 the previous week, dealers said. Bond yields were steady. A bond maturing on 15.12.2026 was quoted up at 9.75/85 percent from 9.80/95 percent. A bond maturing on 15.09.2027 was quoted at 10.40/50 percent from 10.40/55 percent. A bond maturing on 01.07.2028 was quoted stable at 10.80/90 percent.