Colombo Stock Exchange approves Renuka listing

The Colombo Stock Exchange has approved an application by Renuka Holdings Ltd to list on the bourse’s second board, sources said.

The company mainly involved in the coconut business for some time sold under the brand name of Renuka. They supplied to hotels, airlines, confectionary, and ready-meal makers in Europe.

The Renuka group uses over 25 million coconuts a year and claims 80 per cent of the export market share for coconut milk products from Sri Lanka.

According to Stock Market sources 7.5 million ordinary shares of Renuka Holdings will be listed by ‘introduction’ a process that is simpler than a main board listing. The CSE operates two boards for equity, with the main board reserved for larger established firms with tighter listing requirements including minimum public floats.

Second board companies may graduate to the main after meeting its criteria. A company must have a paid up capital of five million rupees and must sell 10 percent of its equity to the public to qualify for the second board.

Renuka Holdings Limited, part of the Renuka group, manages a portfolio of equity and debt instruments quoted on the Colombo Stock Exchange, the group’s website said. HHS