Singer says Hayleys seeking investors to sell down stake at right price
ECONOMYNEXT – Singer Sri Lanka Plc, a unit of Hayleys Plc said its parent was in discussions with the parent on selling down its stake to comply with minimum float rules but it may take time.
"The Management of the company is in discussions with the Parent Company on seeking possible remedial action to achieve the said minimum holding threshold," Singer said in a stock exchange filing.
"However it is understood that seeking investors at a mutually agreed price is a time based mater under current market condition."
The firm said its public holding percentage was 7.72 percent and the number of shareholders was 2,615.
Sri Lanka is recovering from a currency collapse in 2015 and 2016, which killed domestic demand, but a recovery in domestic demand had been hit by continued currency depreciation.
Some analysts have said the regulators’ liquidity requirements may be too tight, especially for large companies, considering the rules in other countries such the New York Stock Exchange. (Colombo/Aug28/2018)