Expolanka Holdings PLC delisting proposal received approval at the Extraordinary General Meeting (EGM) held on March 27. The parent company, SG Holdings, spearheaded the initiative to delist ExpoLanka Holdings PLC from the Colombo Stock Exchange, offering an exit price of LKR 185 per share.
The decision received substantial support, with the resolution one securing 5,138 votes in favor (80.84%) and 1,218 votes against (19.16%) from a robust turnout of 6,356 votes, comprising both proxies and shareholders. Similarly, the second resolution was met with widespread approval, with 5,129 votes (81.12%) in favor and 1,194 votes (18.88%) against, out of a total valid vote base of 6,323 from proxies and shareholders in attendance.
With the delisting process approved, Expo Lanka shares will cease trading on the Colombo Stock Exchange, removing the largest listed company out of the market. This strategic move to delist Expolanka Holdings PLC comes against the backdrop of recent financial setbacks experienced by the company. With a forward-looking vision aimed at focusing on its core operations and expanding globally, the delisting decision is poised to yield substantial economic benefits.
Forecasts indicate a potential inflow exceeding USD 200 million after the delisting proceeds, which is anticipated to boost the stock market.
