SEC approves Nestlé Lanka desilting

Nestlé Lanka PLC on Wednesday said it received the approval of the Securities and Exchange Commission (SEC) to delist its shares from the official list of the Colombo Stock Exchange.

The SEC has approved an application dated July 10, 2023, to delist the shares of Nestle Lanka at an exit offer price of Rs.1, 500 per share.

Nestlé Lanka said it will get in touch with all the shareholder in respect of the offer documents in due course.
The company received go-ahead from its shareholders to delist the shares in June with over 75 percent of shareholders present in person or by proxy voting in favour.

However, some shareholders alleged that the delisting process was rigged and even called for a re-vote and SEC investigation.