Drive Green to go public
CleanCo Lanka, the operators of the Drive Green Vehicle Emission
Testing Centers, have announced their strategic intent go public in Sri
Lanka with a listing on the Colombo Stock Exchange tentatively planned
for 2010.
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General Manager of CleanCo Joel Peter and MTI Chief Executive
Hilmy Cader after signing the agreements. |
Bahrain-based MTI Consulting's Corporate Financial Advisory Unit has
been appointed to advise the company on gearing up to go public,
managing the entire project including the listing and share issue
process.
Drive Green presently operates 50 state-of-the-art testing stations
around the island including 10 Mobile Units that are fully geared for
vehicle emission testing. The company hopes to rapidly expand its
network in 2010.
We started our operations as early as July 2008 with 15
state-of-the-art drivegreen testing stations covering all provinces of
the country except for the North.
With four provinces under the program now, we operate in 38 locations
of the country and still expanding. We use testing equipment supplied by
Environmental Systems Products, USA, a pre-eminent vehicle emissions
testing equipment manufacturer as well as testing station operator, in
the world General Manager of CleanCo Joel Peter said. CleanCo is a
joint-venture managed by Hydropower International and Akbar Brothers
Limited, whilst being promoted by the Industrial Service Bureau.
All vehicles in Sri Lanka need to have their emission certified
before they can obtain their annual revenue licence. CleanCo was
appointed as an authorized agency for implementing this program. There
is a high incidence of respiratory disease caused by air pollution in
Sri Lanka, particularly among our young. |
