Hotel Developers (Lanka) PLC  announced that it will delist the Company’s shares from the official list of the Colombo Stock Exchange in compliance with applicable regulations and procedures.

Hotel Developers (Lanka) PLC (HDL) is a Government Owned, public listed Company owning Hilton Colombo.

In a Stock Exchange filing, the company stated the following:

In terms of rule 5 (1) of the rules made by the Securities and Exchange Commission of Sri Lanka under section 53 of the SEC Act No 36 of 1987 ( as amended) as published in Gazette Extraordinary No 1215/2 18 December 2001 that:

The following resolutions were passed by the Board 0f Directors of the Hotel Developers (Lanka) PLC on 18 June 2020.

It is hereby resolved to proceed to de-list the securities of the company from the official list of the Colombo Stock Exchange in terms of rule 5 (1) of the rules made by the Securities and Exchange Commission of Sri Lanka under section 53 of the SEC ACT no 36 of 1987 ( as amended) as published in Gazette Extraordinary No 1215/2 18 December 2001 that, to give effect to the decision of the sole shareholder, the Secretary to the Treasury. 

Pursuant to the resolution above, it is further resolved that company doth obtain from the sole shareholder, the Secretary to the Treasury, by way of resolution in writing the approval to proceed with the de-listing as per the resolution set out below:

1. The ordinary shares of Hotel Developers (Lanka) PLC be de-listed from the official list of the Colombo Stock Exchange (CSE) subject to the Securities and Exchange Commission of Sri Lanka approving the application to be made by the company for such purpose, in terms of rule 5 (1) of the rules made by the Securities and Exchange Commission of Sri Lanka under section 53 of the SEC ACT no 36 of 1987 ( as amended) as published in Gazette Extraordinary No 1215/2 18 December 2001.
2. It is further resolved that, I, the sole shareholder of the company, shall continue to hold the 100% issued shares post de-listed and therefore the obligation, on the part of the company, in terms of the De-listing rules to arrange a purchaser for my shares shall not be necessary in his instance.

It is hereby further resolved subject to resolution ( 2)  being approved, to :

• Make an immediate announcement on the trading floor of the Colombo Stock Exchange pertaining to the proposed de-listing.
• Proceed to make an application to the Securities and Exchange Commission of Sri Lanka for such de-listing.