BOC Tower successfully delists | Daily News

BOC Tower successfully delists

Only physical meeting:

Property Development Lanka PLC, the holding company for the BOC Tower in Colombo Fort has successfully delisted from the Colombo Stock Exchange. The delisting comes as the company perennially failed to maintain adequate public float to remain a listed entity on the stock exchange.

The delisting went through by way of Extraordinary General Meeting on March 29 at the BOC Tower. Shareholders unhappy with the delisting can have their shares repurchased by the company at Rs 183 per share. This is higher than the Rs 130 per share offered in the last attempt to delist the share. Shareholders had to be present physically or give instructions to directors to carry out their wishes during the meeting.

A statement by the company preceding the meeting notes: ‘In the interests of protecting public health and facilitating compliance with the health and safety guidelines issued by the authorities, seating will be available for only 110 individuals in the Auditorium.’ Other shareholders were to attend the event through digital transmission to the banquet floor on the 30th level. Shareholders were also made to provide pre-registration to the company on or before March 25.Shareholders complained that such a sensitive and already defeated resolution should not be held in such circumstances. They called for the SEC or CSE to intervene and at the very least call for the meeting to be reheld at a suitable date when transport was not constrained as it was for the meeting on March 29.

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