May 04, 2023 (MLN): The Board of Directors (BoD) of Nestle Lanka PLC on Wednesday allowed the management to initiate the de-listing of the company's shares from the official list of the Colombo Stock Exchange (CSE).
The aforesaid resolution is subject to obtaining the necessary shareholder approval and regulatory approvals.
In the similar context, the BoD made arrangements with Nestle S.A, the company's majority shareholder, to purchase its shares from shareholders who may wish to divest their shareholding in the company at a purchase price of LKR 1,500/- per share.
With the current trading price of LKR 1,120.25, this is a premium of around 34%.
A circular to shareholders together with the notice of the Extraordinary General Meeting (EoGM) pertaining to the aforesaid proposed de-listing of the Company's shares will be dispatched to the shareholders.
Nestle Lanka PLC (CSE: NEST.N0000), is engaged in the manufacturing, marketing, selling and distribution of food and beverage products, including the export of locally manufactured products and the re-export of such products.
