Sri Lanka Equity Forum
Dear Reader,

Registration with the Sri Lanka Equity Forum would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
Sri Lanka Equity Forum

Discussion Forum for Stock Market Investors in Sri Lanka

සිංහල පරිවර්තනය
Submit Post
Submit Post

Latest topics

» We have JP54, D2 N D6 available on FOB and CIF basis for urgent lift.
by neftegazpetroleumsales Today at 3:09 am

» We Provider Verifiable BG,SBLC.MT103,MT760
by kimsungnyon02 Yesterday at 10:34 pm

» Project finance/Bg,Sblc specifically for lease
by kimsungnyon02 Yesterday at 9:58 pm

» Genuine bank instrument for lease/sale,such as BG, SBLC, MTN
by kimsungnyon02 Yesterday at 9:53 pm

» BG / SBLC / LC / DLC / MTN ETC AVAILABLE FOR LEASE
by kimsungnyon02 Yesterday at 9:51 pm

» We Currently Have Providers of BG/SBLC and Other Financial Instruments
by kimsungnyon02 Yesterday at 9:49 pm

» Financial Offer/Business Funding Through Bank Instruments
by kimsungnyon02 Yesterday at 9:47 pm

» CSE THIS WEEK
by ruwan326 Yesterday at 9:03 pm

» Financial Reports Q-4 2018
by ruwan326 Yesterday at 8:54 pm

» FOREIGN NEWS
by ruwan326 Yesterday at 8:52 pm

» Daily Foreign Transactions
by ruwan326 Yesterday at 8:51 pm

» Performance of the Market
by ruwan326 Yesterday at 8:49 pm

» CROSSINGS TODAY
by ruwan326 Yesterday at 8:21 pm

» Daily Stock Market Update
by Insights Equity Yesterday at 5:29 pm

» Sri Lanka's EPF loses most from Laugfs, Dockyard, Carsons; gains from banks
by charithaa Yesterday at 12:49 pm

» Sri Lanka's Anilana Hotels says to get more cash from Singapore’s SOMAP
by charithaa Yesterday at 12:47 pm

» Tea industry’s performance in 2018 and prospects for 2019
by ruwan326 Yesterday at 12:44 pm

» Marriet Hotel Going to Sell their 100% Stake Keep On Eye EAST
by NCC Yesterday at 12:44 pm

» EAST EPF Deal Finalized Keep On Eye
by NCC Yesterday at 10:32 am

» HOPL, TPL, KFP, TSML, MGT results analysis
by arjunaupendra Yesterday at 6:03 am

» LOFC AND UBC WILL RUN FROM TOMORROW
by fireshelter Mon Jan 21, 2019 10:54 pm

» DIVIDEND ANNOUNCEMENTS- JAN/MARCH 2019
by ruwan326 Mon Jan 21, 2019 9:07 pm

» We are direct provider for BG/SBLC specifically for lease/sale
by rsileaseconsult Mon Jan 21, 2019 8:11 pm

» Plantation sector
by ruwan326 Mon Jan 21, 2019 7:12 pm

» LDEV - MADU - BALA - WATCH
by kalu351 Mon Jan 21, 2019 4:56 pm

» BFN WILL RUN AFTER WEDNESDAY ONLY IT WILL REMAIN AT 14/40 - 15 LEVELS THIS WEEK AND START THH RUN
by kalu351 Mon Jan 21, 2019 11:36 am

» කොහොමත් BFN 19-20 වෙනකම් යන එක ඉතින් ස්තිරයි
by kalu351 Mon Jan 21, 2019 11:36 am

» LDEV SAGA WITH MOUNTING SELLING PRESSURE
by kalu351 Mon Jan 21, 2019 11:30 am

» ##FUN TOONS###
by ruwan326 Mon Jan 21, 2019 11:28 am

» PLAYERS PICK OF THE DAY
by ruwan326 Mon Jan 21, 2019 10:53 am

You are not connected. Please login or register

Sri Lanka Equity Forum » Stock Market News » Free Lanka to foray into leisure, real estate sectors with IPO

Free Lanka to foray into leisure, real estate sectors with IPO

Go down  Message [Page 1 of 1]

CSE1

CSE1
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
By Jithendra Antonio

Managing Director Taprbane Holdings and Director Free Lanka Capital Ajith Devasurendra (third from left) addressing the media at the IPO launch of Free Lanka Capital. Indrajith Fernando (extreme left), Chandramani Wimalasena, and Chief Executive Officer of Free Lanka Godfrey Aloysius look on.

Free Lanka Capital Group has reported revenue of Rs.4.73 billion for the nine months ended in 31 December 2010, posting a net profit at Rs.921.3 million. Company’s net asset value per share has increased from Rs.2.97 in 2009 to Rs.4.41 in 2010.

Aiming to venture into the booming leisure and real estate sectors, Free Lanka Capital Holdings yesterday announced the much awaited IPO in a bid to raise Rs.1.5 billion.

Consequently, FLCH would utilize the proceeds of the IPO to develop two boutique-styled hotels in Pussallawa plantations situated in Giragama (Kandy) and Ayr (Padukka) and for the development of a commercial property complex in Borella, spanning 80,000 square feet.

Speaking on the future plans, Chief Executive officer, Godfrey Aloysius said, Free Lanka will consider joint management contracts of experienced hoteliers to manage the leisure initiatives.

The company also intends expanding further into the power sector, using IPO proceeds. This involves the developing of seven more mini hydro power plants in Rakwana and Deniyaya areas, adding another 7.45 MW of power to the national grid.

By the end of 2013, the group anticipates to generate 16.02 MW of hydropower through its subsidiaries in the power sector. A sum of Rs.600 million is to be utilized for Hydro Power projects, and Rs.250 million to boutique hotels.

Free Lanka Capital Holdings (FLCH) is one of the largest owners of country’s plantation assets including Maturata and Pussallawa plantations, and manages over 23,000 hectares of tea, rubber comprising a total of 43 estates.

Company has also embarked on a comprehensive timber planting program in its estates for commercial purposes, and has already planted more than 1.2 million timber plants.

Free Lanka is offering 300 million shares at a price of Rs.5 each, and will be listed on the Diri Savi Board of Colombo bourse. After the issue, it will have a total of 1,368 million shares. Minimum subscription for the issue is 2000 shares. Applicants who wish to exceed the minimum should then apply in terms of multiples of 1000 shares. Out of the publicly issued 300 million shares, 150 million will be allotted to retailers and 150 million to non-retailers who apply above 10,000 shares.

As per the prospectus, the company has 1068 million shares in issue before the IPO, where 70% is owned by Free Lanka Capital (Pvt) Ltd. Browns Investments (Pvt) Ltd. and Perpetual Holdings Ltd hold 4.12% each. Taprobane Holdings and John Keells Capital are acting as managers to the issue

source - www.dailymirror.lk

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics

Mathurata and Pussellawa are with Damro now.
Ishara may go into leasure or bonds ... ?

econ

econ
Global Moderator
@Chinwi wrote:
Mathurata and Pussellawa are with Damro now.
Ishara may go into leasure or bonds ... ?
Did they build any boutique hotels from those IPO funds? If not what they did to the huge IPO money? Remember  they issued shares at 5Rs.


_________________

--------------------
This is not buying\selling recommendation. Do your own analysis before take any decision

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum