SEC nod for delisting of Singapore-based Goodhope Asia’s local subsidiaries

Four subsidiaries of Singapore-based Goodhope Asia Holdings Ltd, the holding company of Carson Cumberbatch PLC, has received the approval from the Securities and Exchange Commission (SEC) to delist their shares from the official list of the Colombo Stock Exchange (CSE).

The board of directors of Goodhope Asia Holdings in a board meeting held on May 17, 2023 decided to delist the shares of Indo Malay PLC, Shalimar (Malay) PLC, Good Hope PLC and Selinsing PLC. 
The shareholders of these four companies approved the move at Extra Ordinary General Meetings (EGMs) held on June 19.

According to a earlier disclosure filed with the CSE, the four companies in the business of edible oils, had made arrangements with Goodhope Asia Holdings Ltd., the majority shareholder of the companies, to obtain the shares held by minority shareholders to facilitate the proposed delisting of ordinary shares of the four entities.
Goodhope Asia Holdings has offered to purchase the shares of the four entities held by minority shareholders at prices above market prices prevailed at the time of the initial delisting announcement.

In 2011, a voluntary offer with the intent of delisting the four companies was made,‍ which ultimately ended up without success. Again in 2015, another attempt was made to delist the entities from the CSE to avoid minimum public float requirements.  

The market capitalisation of the four entities stands at around Rs.22 billion.