Tuesday, March 18, 2014

Asiri Central Hospital delist from CSE

The latest company to announce delisting is Asiri Central Hospitals, which announced this decision on Thursday to the CSE. This followed an announcement by loss-making Beruwala Walk Inn PLC on Monday seeking permission from the CSE to delist the company in a bid to turn-around the organization and return to profits have failed over the past few years. “The company has been reporting losses almost every year since the tsunami as the hotel was extensively damaged and rendered non-operational unless huge capital is injected to demolish and reconstruct the hotel”.

Last month Kuruwita Textile Mills announced it was delisting for the same reasons as Beruwala Walk Inn.

The three companies said that they will take all necessary steps in accordance with the terms of the regulations issued by SEC pertaining to delisting of shares, including the convening of an Extra-Ordinary General Meeting of the shareholders to seek their approval.

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