May 18, 2007 (LBO) – Colombo Stock Exchange has withdrawn the approval for bonus issues of some companies, and asked twelve firms to submit fresh applications after checking compliance with a new company law, in a circular issued to brokers and listed firms. The new company law came into effect on May 03.
CSE said Chemical Industries (Colombo) Limited, Tangerine Beach Hotels Limited , Asiri Surgical Hospital Limited, Commercial Bank of Ceylon Limited and DFCC Bank which was not incorporated under the Companies Act and whose bonus issues had been approved by shareholders before May 03, could go ahead.
Twelve firms who had announced bonuses but not ratified them had been asked to submit fresh applications:
(i) Mercantile Shipping Company Limited
(ii) Chemanex Limited
(iii) Kotagala Plantations Limited
(iv) Kelani Cables Limited
(v) Asian Cotton Mills Limited
(vi) ACL Cables Limited
(vii) Carson Cumberbatch & Company Limited
(viii) Touchwood Investments Limited
(ix) Tokyo Cement Company (Lanka) Limited
(x) Ceylon & Foreign Trade Limited
(xi) Amana Takaful Limited (applications not received by CSE)
(xii) United Motors Lanka Limited (applications not received by CSE)