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| Monday, 1 September 2003 |
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Sierra Cables to go public Sierra Cables Ltd. (SCL), the only BOI approved cable-manufacturing group in Sri Lanka, (Sierra Cables Group consist of Alucop Cables Ltd., Alucop Marketing (Pvt) Ltd. and Alucop Engineering (Pvt) Ltd.,) will go public by issuing 37% of its capital, the company said yesterday. The Corporate Finance Division of Hatton National Bank will manage and underwrite the IPO. Sierra Constructions Ltd, one of the largest engineering and construction groups in Sri Lanka (Sierra has obtained the highest grading of "MI" from ICTAD (Institute of Construction Training and Development) is in the fields of telecommunications, building construction and water supply and drainage and electrical engineering. SCL was incorporated in February 2000, as a measure of backward integration and to ensure a ready supply of cables for their numerous construction projects of the parent Sierra Construction Ltd., SCL acquired Alucop Cables Ltd., in April 2000. Alucop Cables Ltd., was established since 1988 with a very long track record in the cable industry. Alucop is also an ISO 9001 - 2000 certified company. SCL invested over Rs. 350 million to improve their product range and production capacity. Currently the Company's manufacturing facility is located in Korathota, Kaduwela and the company manufactures a wide range of cable products including PVC Building Wire, Coaxial cables, Low Voltage Power Cables and Armoured Cables up to 200 mm x 4 core, Telephone cables, Ariel Bundle Conductors (ABC) and Aluminium conductors of the likes of ACSR (Aluminium Conductors Steel Reinforced) AAC (All Aluminium Conductors) and AAAS (All Aloy Aluminium Conductors) under the "Alucop" brand name. The high quality standards, extensive product range and the wide dealer network had helped SCL to become a dominant player in the cable market within a very short period of time. According to the import volume SCL holds 12% of the Copper insulated cable market and 17% of the Aluminium conductor cable market. CEB is the main importer in Aluminium conductors and acc ounts for more than 80% of imports to the country. CEB and SLT impo rt raw materials directly as they en joy duty advantages and contracts the cable manufacturing to private companies. SCL was successful in winning tenders from CEB. |
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