Access Engineering share issue full
The share issue of Access Engineering Limited (AEL) which opened on
Monday, June 6, has been fully subscribed and was successfully concluded
amidst positive sentiments and significant interest from investors.
Sumal Perera |
The issue which was opened for qualified investors identified by the
Board of Access included institutional and high net worth investors,
both local and foreign.
The company issued 180 million new shares at Rs 25 per share,
offering an approximate 18 percent shareholding of the company raising a
total of Rs 4.5 billion in equity funds.
The offering was amongst the largest placements done in the recent
history of the Sri Lankan capital markets and was managed by NDB
Investment Bank Limited (NDBIB).
AEL intends to seek a listing for its ordinary shares on the Main
Board of the Colombo Stock Exchange via an Initial Public Offering
within a period of one year subject to the requisite approvals from
regulatory authorities.
Access Chairman Sumal Perera commenting on the success of the issue
said overwhelming response to the AEL share issue is a show of
confidence by the institutional and individual investors in the future
prospects of the company.
"It is a recognition that the Sri Lankan economy is on course for
sustainable growth and given that, the construction and engineering
industry will be in the forefront of this growth," he said.
The company intends to utilize the funds raised via the share issue
to finance future capital and working capital requirements that are
expected to arise from proposed public-private partnership projects,
investments in property development and township projects and to repay
bank loans which have been obtained to finance the acquisition of plant
and machinery. |