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Tuesday, 21 June 2011

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Vallibel One for more acquisitions

Rs 532 million IPO opens today :

Vallibel One will continue with acquisitions and will add value to the company even after it goes public today. “We have already added value to the company with the acquisition of the Delmege Forsyth Group even prior to the company going public,” Vallibel One Director Nimal Perera told Daily News Business yesterday.

His remarks came in the context of the Rs 532 million Initial Public Offering of the company opening today.

He said the company will be endeavouring to be one of the strongest conglomerates in Sri Lanka with future acquisitions.

The company already has the controlling stakes in Royal Ceramics and LB Finance while it also has a 15 percent stake in Sampath Bank.

The aim of the IPO will be to raise Rs 532 million to finish the balance capital requirement of the Greener Water Hotel, a wholly owned subsidiary of the company which has undertaken the construction of a five star hotel in Negombo.

The total cost of the project is US$ 50 million which is Rs 5.6 billion without the cost of the land which was purchased by Greener Water at a cost of Rs 268 million.

Vallibel One will finance a total of Rs 3 billion by using the proceeds of the private placement and funds raised by the issue.

Of them Rs 4.9 billion raised by the private placement, Vallibel One will invest Rs 2467 million in the hotel project.

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