Serendib Hotels says public stake falls below required CSE levels
View(s):Serendid Hotels informed the Colombo Stock Exchange on Tuesday that the public holding in the company had fallen to below the prescribed levels and noted that the company planned on a rectification plan in ‘due course’.
The Securities and Exchange Commission recently enforced rules for the minimum required in the public float – the number of shares held by the public outside the main shareholders.
Serendib Hotels said the public shares held as of 30th June 2014 was 18.66 per cent. Under the new rules, any stock that falls below the prescribed number of shares that should be held by the public must either be delisted or the company must take action to raise the public stake in the company.