Singapore-based Goodhope Asia’s four subsidiaries announce plan to delist

Four more delistings are on the cards for the Colombo Stock Exchange (CSE) this year, with four subsidiaries of Singapore-based Goodhope Asia Holdings Ltd, the holding company of Carson Cumberbatch PLC, making another attempt to delist from the CSE.
The board of director of Goodhope Asia Holdings in a board meeting held yesterday (May 17) had decided to delist the shares of Indo Malay PLC, Shalimar (Malay) PLC, Good Hope PLC and Selinsing PLC. 
According to a disclosure filed with the CSE, the four companies in the business of edible oils have made arrangements with Goodhope Asia Holdings Ltd to obtain the shares held by the minority shareholders to facilitate the proposed delisting of ordinary shares of the four entities.

Goodhope Asia Holdings is offering to purchase the shares of the four entities held by minority shareholders at prices above the current market prices. 
Accordingly, it is offering Rs.3513 per a share of Good Hope, Rs.2,805 per share of Indo Malay, Rs.2,593 per a share of Selinsing and Rs.2,452 per share of Shalimar (Malay) against the current market rates of Rs.1220.50, Rs.1316, Rs.808.5 and Rs.2452 per a share, respectively.
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 stood at around Rs.22 billion.
The respective companies noted that a circular to the shareholders, with the full details of the proposed delisting, would be distributed shortly.
Nestle Sri Lanka recently announced its plans to delist its shares form the CSE, subject to shareholder and regulatory approval.
Since its inception, 107 entities have delisted from the CSE.