Shareholders shoot down attempt to delist PDL

The shareholders of Property Development PLC (PDL) have shot down an attempt to delist company shares from Colombo Stock Exchange’s  (CSE) official list.
PDL in a stock market filing said a resolution towards delisting the shares of the company was not duly passed by the shareholders at an Extra Ordinary General Meeting held on Wednesday.

The principle business activity of PDL is to own, maintain and manage the Bank of Ceylon (BOC) headquarters building, which the company has rented 
out to BOC.

The minority shareholders of PDL were said to have recently raised some concerns about the rental rates the company had been charging from BOC, which they had claimed, were below the market rates. 

PDL also has interest in the mini-hydropower sector through its subsidiary Koladeniya Hydropower (Pvt) Limited.

A stock market filing on February 9 communicated to the market a decision made by the PDL director board to de-list the shares of the company subject to shareholder and regulatory approval.

The same filing said the BOC, the majority shareholder of PDL holding 95.55 percent of the company offered to acquire the shares of the minority shareholders who may wish to divest at a price of Rs.123 per share.