The Securities and Exchange Commission of Sri Lanka (SEC) has approved an application made by Associated Motorways PLC (AMW) to de-list its shares from the Colombo Stock Exchange, AMW has informed its shareholders.

This followed the resolution passed by shareholders on December 16 to de-list AMW shares from the official list of the CSE and for the directors to make arrangements to purchase the shares of any shareholder who wishes to sell his/her holding at a price of Rs.174.50 per share.

This was the price paid by Al-Futtain Engineering LLC to acquire control of AMW last year.

Al-Futtaim owns 97.16% of AMW following its purchase of the controlling shareholding. Thereafter it offered the Rs.174.50 price it paid for the controlling shares to all other shareholders under the SEC’s mandatory offer requirement under its Takeovers and Mergers Code.

Meanwhile, Al-Futtain also paid the same price for secondary market purchases on the CSE.