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| Wednesday, 17 September 2003 |
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Durdans Hospital - Rs 240m IPO in October By Chamitha Kuruppu Durdans Hospital will file an application at the Colombo Stock Exchange(CSE) today to raise Rs 240 million through an Initial Public Offering (IPO) for an expansion of the hospital. The share issue is expected to take place during the second week of October subject to CSE approval. Market sources told the Daily News yesterday that the CSE was expected to take at least a week to approve the IPO. They said that the objective of the IPO was to raise the debt capital, add additional floors to the existing hospital premises, increase accelerating equipment and reduce debts. Commercial Bank and the DFCC Bank will be the Managers to the Issue. The share price and number of shares to be issued are yet to be confirmed. However, this will depend on the amount required to be raised, they said. A spokesman for the hospital company said that plans were under way for an expansion program comprising two phases. The first phase encompasses the addition of 27 rooms with a separate administration block. The second phase is to be completed as an independent project where there will be an addition of 70-80 rooms. He said that the first phase comprising the construction of 27 rooms will be at the present premises at Alfred Place, Colpetty while the construction and operation of the 80 roomed complex will be at another location also in the Colombo district but the exact venue is not yet determined, he said. |
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