OGL to be listed on CSE

Orient Garments Limited (OGL) 54.9 million Shares will be listed and commence trading on the Colombo Stock Exchange (CSE) from today. Orient Garments Limited, part of the Finco Group of companies, will be the first apparel manufacturer to be listed on the CSE and will be classified under the manufacturing sector on the Diri Savi Board.

OGL, having established in 1982 as a specialized outerwear manufacturer for the export market, is today a fully-fledged garment manufacturer with 1,500 direct machine capacity employing over 3,500 personnel.

OGL Group comprises the holding company and two subsidiaries, Stafford Orient (Pvt) Limited and Priority Garments (Pvt) Limited. The Group currently serves many leading international brands including Next, Tesco, Tommy Hilfiger, Polo Ralph Lauren and Burberry.

OGL shares will be introduced at Rs 23 which was the same price at which the private placement was carried out in December 2010.

At the introductory price, the Company will have a market capitalization of Rs. 1.2 billion at a PE of 10.