CSE seeks foreign listings on proposed new dollar denominated board
View(s):The Colombo Stock Exchange (CSE) and the Maldives Stock Exchange (MSE), in association with the Capital Market Development Authority of Maldives (CMDA), acting under the MOU signed between the two exchanges conducted a roadshow for potential Maldivian Issuers and Investors. The forum hosted by the Capital Market Development Authority of Maldives was held on March 28-29 at the Maldives Monetary Authority Building in Male, the CSE said in a media release. The forum presented the CSE as a secondary listing destination for Maldivian companies and promoted the Sri Lankan capital market to investors. The event marked the first Issuer Forum conducted by CSE on foreign soil. Over 30 representatives from 20 potential Issuers from the Maldives and 7 investment banks from Sri Lanka were present at the event, it said.
“The Issuer Forum comes against the backdrop of a strategic initiative by CSE to introduce a Multi-Currency Board to list and trade companies incorporated and operating outside Sri Lanka. The necessary approvals for the board have been obtained by the Central Bank and the CSE is awaiting approval from the Securities & Exchange Commission of Sri Lanka (SEC),” the CSE noted. Minister of Economic Development in Maldives Mohamed Saeed, Chairman of CSE Vajira Kulatilaka, CEO of CMDA Ahmed Naseer and CEO of MSE Hassan Manik spoke at the event. CSE CEO Rajeeva Bandaranaike made a presentation on the benefits of listing and addressed the common concerns on a public listing by potential issuers while Renuke Wijayawardhane, COO of CSE made a presentation on listing criteria and requirements.
The forum also featured a Sri Lankan listed company, where Chairman/MD of Softlogic Holdings PLC Ashok Pathirage and Head of Strategy Chintaka Ranasinghe shared the experience of Softlogic Holdings using the Sri Lankan capital market to fund their growth. Minister Saeed called on Maldivian companies to embrace the many opportunities available in the Sri Lankan capital market. CSE Chairman Kulatilaka said that engaging Maldivian companies has long been an objective at CSE and that reaching out to them first, represents the trust and confidence placed in the Maldives and its business sector. He stated “We have recently implemented a number of investment and policy measures to give the exchange world-class status. The CSE offers a unique opportunity to raise capital in one of the fastest growing economies in Asia, through an exchange that on average performed better than most major global indices in recent years.”