Colombo, Sri Lanka – 16 September 2026 – ASIA ASSET FINANCE PLC (the “Company”) has officially announced the successful conversion of a significant block of its Convertible, Irredeemable, Five-Year Preference Shares into Ordinary Voting Shares. This pivotal corporate action, effective from today, 16th September 2026, sees a substantial increase in the company’s publicly traded ordinary shares on the Colombo Stock Exchange (CSE).
Key Details of the Conversion
According to a notification released by the CSE, 41,398,511 Convertible, Irredeemable, Five-Year Preference Shares held by ASIA ASSET FINANCE PLC have been converted into 53,348,596 Ordinary Voting Shares. These newly issued ordinary shares are now officially listed on the CSE, immediately enhancing the company’s capital structure and market dynamics.
The conversion ratio indicates that each preference share has translated into approximately 1.289 ordinary voting shares. This move is a scheduled event stemming from the original terms of the preference share issuance, which stipulated their convertibility after a five-year period.
Impact on Shareholders and Market Dynamics
The conversion and subsequent listing of these new ordinary voting shares carry several implications for ASIA ASSET FINANCE PLC and its investors:
- Increased Ordinary Share Base: The addition of over 53 million new ordinary shares will significantly expand the company’s total outstanding ordinary shares.
- Enhanced Trading Liquidity: With more shares available for trading on the CSE, investors can expect improved liquidity for ASIA ASSET FINANCE PLC’s ordinary shares.
- Shift in Shareholder Rights: Former preference shareholders, who typically held shares with fixed dividends but no voting rights, now become ordinary shareholders endowed with voting powers, potentially influencing corporate governance.
- Capital Structure Rationalization: This conversion streamlines the company’s capital structure by reducing the number of preference shares and consolidating equity into a more uniform class of shares.
This event marks a pre-planned stage in the company’s financial strategy, reflecting the fulfillment of terms associated with its original capital raising efforts.
Official Confirmation
The announcement was formally communicated through the Colombo Stock Exchange by Ms. Kanishka Munasinghe, Vice President – Listing, on behalf of the CSE. Investors and market participants are advised to refer to the official notification for comprehensive details regarding this corporate development.
Source: Read original document
