CSE to de-list Ceylon Oxygen

Hiran H. Senewiratne

Ceylon Oxygen Limited (COL) will be de-listed in the Colombo Stock Exchange due to the illiquid nature of its shares in the market which discourages investors to invest on these shares.

COL is waiting for Colombo Stock Exch- ange authorisation to be de- listed in the stock market. The reason being that the Specialised Gas Company is holding shares of the company more than the mandatory requirement in the market.

Recently the Securities and Exchange Commission gave a ruling to the company to trade Rs 242 per share not at Rs 225. The reason being the company decided to trade at Rs 225 as they have paid dividends to shareholders, its sources said.

It is said that every listed company in the Colombo Stock Market is permitted to hold 90 per cent of shareholding, which is a mandatory requirement stipulated by the stock market, stock market sources said.

COL Chief Executive Officer Niran Pieris told the Daily News Business that it no point of remain as a listed company any more and applied for de-listing from the stock market with immediate effect with the ruling.