BOI Board on the Colombo bourse next month
The Board of Investment (BOI) has signed a Memorandum of Understandings (MoU) with two companies and is considering six more in a bid to form the new board on the Colombo Stock Exchange (CSE), Dr. Lakshman Jayaweera, Chairman BOI says.
“By next month, a separate board called the BOI Board will be introduced in addition to the existing Main Board and the Diri Savi Board to facilitate this process,” he told the Business Times. He said that this will allow the BOI companies to list on a separate board without having to wait three years to list on the CSE’s Main Board as is required now. He added that the two MoUs that were signed were between firms in the manufacturing and mixed development sectors.
Following a policy paper prepared by both the Securities and Exchange Commission (SEC) and CSE, the two institutions have extensively discussed with the BOI on the rules and regulations pertaining to this exercise, he added.
Firms with a BOI status and a capital of US$10 million are entitled to be on this board, according to the draft rules. “We already spoke to 10 firms who are planning to set up projects in Sri Lanka and these are large scale ventures in infrastructure, manufacturing and tourism,” Dr. Jayaweera said.