Sri Lanka’s Securities and Exchange Commission (SEC) has signed an agreement with the Capital Market Development Authority (CMDA) of Maldives to facilitate the cross-listing of companies in Colombo. This agreement primarily enables secondary listings of Maldivian companies on the Colombo Stock Exchange (CSE) and promotes mutual collaboration, capacity-building assistance, and regulatory information exchanges between the two capital market regulators to ensure compliance with laws and regulations across both jurisdictions.
“Maldivian companies can benefit significantly from listing on the CSE by adopting best practices of listed companies in Sri Lanka, accessing a wider pool of investors, leveraging our capital market infrastructure, and achieving more accurate valuations for their stocks given the liquidity challenges at home,” stated SEC Chairman Faizal Salieh. He also highlighted opportunities for listing debt instruments such as Sukuks, Sustainable Bonds, Development Bonds, and secondary listings of State-Owned Enterprises (SOEs).
CMDA Chairperson Aishath Zahira added, “Under the MOU, we will explore new access to finance alternatives for local companies, harmonize regulatory frameworks, and integrate systems for cross-border trading activities. Improving the governance of listed companies is also a key area of focus.”
Following the MOU signing, the CSE held a series of one-on-one meetings with several Maldivian listed companies, including Amana Takaful Maldives Plc, Centurion Plc, Maldives Islamic Bank Plc, Maldives Transport and Contracting Company Plc, Dhiraagu Plc, and Maldives Tourism Development Corporation.
By working together, both nations aim to create a conducive environment for sustainable growth, attract more investments, and enhance the prosperity of their capital markets and economies, the SEC stated.