Power generation company Lakdhanavi Limited will de-list from the Colombo Stock Exchange, after it listed four years ago to be eligible to bid for a power project.
A fully owned subsidiary of Lanka Transformers, Lakdhanavi says its shares have not been traded since and its shareholders no longer want it to be publicly held.
“We were listed in 2001 because one of the conditions in a tender for a power project was that we would have to be listed, but the project never came through eventually,” Ravindra Pitigalage, Financial Controller at Lakdhanavi said.
State owned Lanka Transformers owns an 82 percent stake in Lakdhanavi, with the balance held by the Employees Trust Fund of Lanka Transformers.
“The two shareholders never had an intention to make this a public company or list its shares. Not a single share has been traded in the past four years so the Board of Directors decided to de-list the company,” Pitigalage said.
Lakdhanavi was the first independent power producer with its 24 MW diesel plant at Sapugaskanda and now runs four power plants.
This includes Heladhanavi commissioned ahead of schedule last year, a 100 MW joint venture betw