Bonanza for minority shareholders
Announces Rs. 537 m offer to repurchase remaining 4.45% minority stake
Offer at Rs. 183 per share; NAV is only Rs. 67 per share
Bank of Ceylon (BOC) subsidiary Property Development Plc. (PDL) yesterday announced plans to de-list from the Colombo Stock Exchange (CSE) following a repurchase of minority shares.
BOC holds 95.55% stake in PDL and the offer at Rs. 183 per share is to minority shareholders owning 4.45% stake or 2.93 million shares held by
3,441 shareholders.
The PDL share closed at Rs. 132.50 yesterday, up by 25 cents. Its Net Asset Value per share was Rs. 67.17 as of 30 September 2021.
The PDL Board resolved to delist at its meeting held yesterday and the move is subject to Securities and Exchange Commission and shareholder approval.
(FT)