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Sri Lanka stock exchange changes rules to list foreign firms

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange said it has amended its listing rules to enable listing and trading of shares of foreign companies on its multi-currency board (MCB).

A foreign firm can list its shares on the CSE’s multi-currency board denominated in a currency approved by the central bank of Sri Lanka, a CSE statement said.

The stock exchange said it also changed its Automated Trading Rules and Central Depository System (CDS) rules to allow trading in shares of foreign firms.

Trading in shares of listed foreign firms will initially be restricted to non-resident investors with an account in the off-shore banking unit of a licensed commercial bank in Sri Lanka and operating through a custodian bank in the CDS.

The changes are aimed at attracting firms already listed in overseas exchanges and seeking a secondary listing.

Officials have said Maldivian hotel companies have shown interest in listing on the MCB.
(Colombo/January 07/2019)

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