They are not public

Monday, 23 December 2013 01:56 - - {{hitsCtrl.values.hits}}

As per the SEC’s definition of public holding, shares held by the following don’t qualify: a) Firm’s parent, subsidiary or associate entities or any subsidiaries or associates of its parent entity; b) Directors who are holding office as directors of the entity and their close family members; c) Chief Executive Officer, his/her close family members; d) Key management personnel and their close family members; and, e) Any party acting in concert with the parties set out in (a), (b), (c) and (d) above; f) Shares that are in a locked account with the Central Depository Systems (CDS) due to a statutory or regulatory requirement other than those which have been subject to a voluntary lock-in at the instance of the shareholder; and g) Shares that have been allotted to employees whereby the shares of a listed entity are, directly or indirectly controlled by the management or the majority shareholder of the entity; h) Any entity or an individual or individuals jointly or severally holding 5% or more of the shares of the listed entity if it’s a Diri Savi Board entity and 10% or more of the shares if the listed entity is a Main Board entity except where such shareholder is; i. A statutory institution managing funds belonging to contributors or investors who are members of the public; or ii. An entity established as a unit trust or any other investment fund approved by the SEC or iii. Not a related party declared in terms of Sri Lanka Accounting Standards or a party acting in concert declared in terms of the Takeovers and Mergers Code (ToM Code).

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