Sri Lanka's SEC to hold discussion on minimum public float

The Securities and Exchange Commission of Sri Lanka (SEC) is organising a discussion on   'Minimum Public Float: An Open Discussion' targeted at all stakeholders on Wednesday April 6 at the Cinnamon Lakeside, Colombo starting from 2.00 pm till 4.30 pm, a SEC media release said.

This comes on the back of many listed firms who don’t fall into the SEC's minimum public float requirements announcing their intention to get off the Colombo Stock Exchange (CSE). The latest was Finlay’s Colombo.

The SEC rules say that From 1 January 2014, all main board listed companies are instructed to have a minimum public float of 20 per cent in the hands of a minimum of 750 public shareholders or a market capitalisation of Rs. 5 billion of firm’s public holding in the hands of minimum of 500 public shareholders whilst maintaining a public holding of 10 per cent. (DE)