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Maldivian firms mull listing on Sri Lanka stock exchange

ECONOMYNEXT – Maldivian companies are considering listing on Sri Lanka’s stock exchange which is trying to draw foreign listings with plans to introduce a multi-currency board to list and trade companies incorporated and operating outside the island.

The Colombo stock exchange said over 30 representatives from 20 potential issuers from the Maldives and seven investment banks from Sri Lanka attended an issuer forum in the Maldives.

CSE chief executive Rajeeva Bandaranaike said that initially only non-resident foreign investors would be permitted to buy and sell securities through the proposed multi-currency board.

The forum was held on the 28th and 29th of March 2016 at the Maldives Monetary Authority Building in Male in association with the Maldives Stock Exchange (MSE) and the Capital Market Development Authority of Maldives

MSE chief executive Hassan Manik pointed out that listing on the CSE would provide Maldivian listed companies an opportunity to achieve proper values for their shares.

He noted that at present shares of listed Maldivian companies do not have correct values, which is caused by the lack of liquidity in the market, a CSE statement said.
(COLOMBO, March 29, 2016)
 

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