The Colombo Stock Exchange (CSE) will launch its first proposed Multi Currency Board by the second quarter this year.
CSE Market Development Head Niroshan Wijesundara said that several foreign companies mainly from the Maldives and then from Bangladesh has expressed eagerness to be listed in this board. He said that this will be a multi currency board where trading in strong currencies will be made available. CSE will provide overseas listed companies an opportunity to achieve proper values for their shares.
Meanwhile CSE Chief Operating Officer Renuka Wijayawardhane said the framework in this regard will be ready by the end of first quarter 2017. “Any foreign company that seeks a listing in this multi currency board has to be first listed in the Stock Market of that country.
He however said that initially Sri Lankans will not be able to purchase shares.
The Colombo Stock Exchange (CSE) and the Maldives Stock Exchange (MSE) already have an MOU in place.
He also said that the demand for CSC mobile Trading Platform App is increasing. “It was launched mid last year and by the ned of 2016 there were 2,600 active accounts.”
Rajeeva Bandaranaike Chief Executive Officer, CSE, said that one of the main reasons for the market volumes to be low is the high interest rates. “People prefer to park their funds in the deposits. In addition foreign trading too is low.”
He said that today several government entities are keen to invest in the CSE and Water’s Edge is very keen to be listed soon. (SS)
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