Expolanka Holdings PLC has encountered a legal hurdle as nine minority shareholders, representing approximately 0.012% of the company's shares, have filed an application with the Court of Appeal of the Democratic Socialist Republic of Sri Lanka. The shareholders are challenging the company's decision to de-list from the Colombo Stock Exchange (CSE).
According to a corporate disclosure under Section 8 of the CSE Listing Rules, the minority shareholders' application seeks to prevent the delisting process. The Court of Appeal scheduled the limited objections of the respondents for submission yesterday (29), with a hearing set for support on Friday, 31 May.
Expolanka Holdings has stated its intention to oppose the application, signaling a forthcoming legal battle over its decision to exit the public market.