The Colombo Stock Exchange lifted its trading suspension on Sri Lanka“s Ceylon Glass Company Ltd. shares, after the firm disclosed the number of its shares accepted in an offer by India“s Gujarat Gl…
The Colombo Stock Exchange lifted its trading suspension on Sri Lanka“s Ceylon Glass Company Ltd. shares, after the firm disclosed the number of its shares accepted in an offer by India“s Gujarat Glass Ltd. The stock exchange said in a statement that trading in Ceylon Glass shares would resume shortly after it was suspended on 20 September pending the clarification. Gujarat said last month it was making a mandatory offer to all shareholders of Ceylon Glass it acquired a 46.06% stake in the glassmaker. Officials said that Gujarat Glass had raised its stake in Ceylon Glass to 68.56% after the offer. No details were available, but Sri Lanka“s DFCC Bank held a 10% stake, or one million shares, in the company before the offer. The government held some 7.9% and Japan“s Mitsui Corp 5.2%. The rest was held by the public. The 10-rupee Ceylon Glass scrip closed at 19 rupees when it was last trade on 16 September.