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Sunday, 10 April 2016

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CSE conducts issuer forum in Maldives

The Colombo Stock Exchange (CSE), the Maldives Stock Exchange (MSE), and the Capital Market Development Authority of Maldives (CMDA), conducted a roadshow for potential Maldivian Issuers and Investors, under the MoU signed between the two exchanges .

The forum hosted by the Capital Market Development Authority of the Maldives was held on March 28 and 29 at the Maldives Monetary Authority Building in Male.

The forum presented the CSE as a secondary listing destination for Maldivian companies and promoted the Sri Lankan capital market to investors. The event marked the first Issuer Forum conducted by CSE on foreign soil. Over 30 representatives from 20 potential Issuers from the Maldives and seven investment banks from Sri Lanka were present.

The Issuer Forum comes against the backdrop of a strategic initiative by the CSE to introduce a Multi-Currency Board to list and trade companies incorporated and operating outside Sri Lanka. The approvals for the board have been obtained by the Central Bank and the CSE is awaiting approval from the Securities and Exchange Commission of Sri Lanka (SEC).

The CEO of CSE, Rajeeva Bandaranaike made a presentation on the benefits of listing and addressed the common concerns on a public listing by potential issuers while the COO of CSE, Renuke Wijayawardhane made a presentation on listing criteria and requirements.

The Forum also featured a Sri Lankan listed company, where Chairman and MD of Softlogic Holdings PLC, Ashok Pathirage and Head of Strategy Chintaka Ranasinghe shared the experience of Softlogic Holdings using the Sri Lankan capital market to fund their growth.

Minister of Economic Development in the Maldives, Mohamed Saeed, the Chief Guest at the Issuer Forum commended Sri Lankan listed companies for effective capital market engagement and called on Maldivian companies to embrace the many opportunities in the Sri Lankan capital market. CSE chairman, Vajira Kulatilaka said engaging Maldivian companies has long been an objective at CSE and that reaching out to them first, represents the trust and confidence placed in the Maldives and its business sector.

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