Regulatory Alerts2013-10-11
Added · Updated
Reinstatement of Introductions as a method of listing
The Securities and Exchange Commission of Sri Lanka directs the Colombo Stock Exchange to reinstate Introduction as a method of listing equity and amend the Listing Rules accordingly. Eligibility criteria are updated to limit the three largest public shareholders to holding no more than 50% of shares at listing, while specific lock-in periods of six or twelve months apply to shares held by Non-Public Shareholders or acquired shortly before the listing application. Additional disclosure requirements for the Introductory Document include fairness opinions for reference prices, details on Non-Public shareholders, and specific financial information, with documents required to be hosted online for at least seven market days prior to listing. This directive becomes effective immediately and rescinds the previous directive SEC/LEG/12/03/07 dated 2nd March 2012.
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