Morison initiates second attempt to delist from Colombo Stock Exchange

Sep 04, 2019 (LBO) – The Board of Directors of Morison by way of a circular resolution dated yesterday, has resolved to initiate the delisting of the company’s fully paid voting shares and fully paid non-voting shares from the CSE.

The company said in a stock exchange filing that the delisting will be subjected to obtaining necessary shareholder approval and other related regulatory approvals.

Hemas Manufacturing private limited, the company’s majority shareholder, is to purchase shares from shareholders who may wish to divest their shareholding at a purchase price of 850 rupees for fully paid voting share and 700 rupees for fully paid non-voting share.

Current share prices of the company are 800.10 rupees and 552.20 for voting and non-voting shares respectively.

Offer prices, however, are the same as those offered in the first but failed attempt to delist the company in August 2018.

Last year, their resolution to delist the company from the Colombo Stock Exchange was not adopted by the shareholders at the EGM.

The company last year said that their decision to delist shares is based on the inability of the company to meet the minimum public holding requirements of the CSE.

Related: Shareholders of Morison reject resolution to delist from CSE