Monday, April 23, 2012

Mackwoods debuting on Wednesday but on Diri Savi Board

Mackwoods Energy Ltd., (MEL) will debut on the Colombo Stock Exchange on Wednesday 25 April but on the Diri Savi Board and not on Main Board.

 The reason for the change is MEL not fulfilling the requirements for Main Board listing following the Initial Public Offering (IPO).


Main Board listing requires minimum public holding of 25% and minimum of 1,000 shareholders holding not less than 100 shares as per rule 2.1.2 of the Colombo Stock Exchange (CSE).

 Howeer MEL had informed that the company has fulfilled the criteria for a Diri Savi Board listing as per rule 2.1.2 of the CSE.

 The probable listing on Diri Savi Board was disclosed in MEL’s Prospectus.

 Requirements for listing on Diri Savi Board 10% of the total number of shares for which a listing is sought, should be in the hands of a minimum number of 100 public shareholders holding not less than 100 shares each.

 The security code assigned for Mackwoods Energy is MEL-N-0000 and will be classified under the Power and Energy Sector. 100 million shares will be listed.

 The Rs. 350 million IPO of MEL last month was oversubscribed by 1.14 times. It received 523 applications worth Rs. 399 million.

 The IPO made available 25 million shares at Rs. 14 each.

 Applications made via bank draft and cheques had amounted to 521 requesting for 21.3 million shares worth Rs. 298.16 million.

 There had been two applications with payment by bank guarantee requesting for 7.2 million shares worth Rs. 100.8 million. Mackwoods Energy was the second IPO for 2012 and joins the rank of oversubscribed initial offerings.

source - www.ft.lk

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