Dec 02, 2015 (LBO) – Sri Lanka’s Carson Cumberbatch Group said four of it’s subsidiary would sell its Malaysian and Indonesian plantations subject to a feasibility study and approvals from regulators and shareholders.
The four firms are Selinsing, Good Hope, Indo Malay and Shalimar, the Group said in separate stock exchange filling.
“The firms also seek Securities Exchange Commission approval to remain listed without the qualifying minimum public float for a further year from 31 December,”
“SEC rules require listed firms to have minimum of 15 percent public float with 500 shareholders.’
Carsons said past three years have seen a slowdown in global economic outlook presenting multiple challenges to the palm oil industry.
“The global commodities market has witnessed a downturn along with a sharp decline in crude oil prices. Crude palm oil prices too have seen a similar trend with prices reaching a five year low,” it added.
“As a result of these volatile macroeconomic and industry conditions, returns for shareholders of the firms have gradually declined over the past four years as already indicated in Annual Report of the companies.”