CSE gets approval for dollar board

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By 2017-07-17

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By Paneetha Ameresekere

The Colombo Stock Exchange (CSE) has got regulatory approval to start a US dollar denominated exchange in parallel to its current rupee exchange.

This was said by CSE Chairman Ray Abeywardena on Friday (15 July).
Speaking to reporters in Colombo, he said the idea was to attract local companies currently seeking listings overseas for higher valuations (prices) to win them back to Colombo.

He said that he knows of a local company currently seeking to list in Singapore because of a better price offered there compared to what it could obtain by listing......in CSE's existing rupee exchange.

Abeywardena however, said that buying and selling of shares on the dollar board would be restricted to foreigners only. Neither NRFC nor RFC accountholders will be permitted to invest in the dollar exchange due to the current exchange control regulations.
Abeywardena said that a Maldivian telecom company was seeking to list in the dollar exchange which is expected to be on board soon. 'What are needed are more listings to make this project viable', said Abeywardena. In this connection the CSE plans to hold road shows in Dubai and New York, he added.

Abeywardena said that multinational companies having operations in Sri Lanka may list their shares on the proposed dollar exchange.

With reference to the manipulations in the CSE which was common especially in the 2011-2014 era, Abeywardena said that such investigations are handled by the Securities and Exchange Commission and not by the CSE.
He further said that the listing of state owned enterprises was in the domain of the government and not of the CSE's.

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