Minimum public float: SEC approves extensions to Mercantile Investments, Grand Hotel

The Securities and Exchange Commission has approved the extension of time for Mercantile Investments and Finance Plc and The Nuwara Eliya Hotels Company Plc (Grand Hotel) to comply with minimum public float.

In separate disclosures, Mercantile Investments and Finance said it made an application to the SEC to grant time till 31 December 2016 to be compliant with rules pertaining to the maintenance of a minimum public holding as per listing rules of the Colombo Stock Exchange. 

Having considered the application the SEC has granted time till 31 December 2016 for the company to be compliant.

Mercantile Investments and Finance’s existing public holding is 10.87% with 326,812 shares held by 12 public shareholders.

“The shortfall in number of public shareholders will be cured by 31 December 2016,” the company said.

The Nuwara Eliya Hotels Company Plc (Grand Hotel) in its disclosure said that its existing public holding is 10.84% with 217,155 shares held by the public.

It said an application to the CSE will be made for a transfer from the Main Board to the Diri Savi Board to be compliant by 31 December 2016.