The debut of Expolanka Holdings shares in the Colombo stock market on Monday, 13 June, has sparked some foreign interest both in UK and Dubai.
Expolanka Holdings Group CEO Hanif Yusoof who attended the Heraymila Securities Middle East Road Show in Dubai this week as well as the Sri Lanka Day in UK organised by the London Stock Exchange (LSE) said there have been encouraging interests from foreign investors for when the share debuts on the secondary market next week.
“The response to the post-war Sri Lanka story as well as resultant prospects for Expolanka in logistics and transportation sector especially has been encouraging,” Yusoof told the Daily FT on the sidelines of the Dubai Road Show at the Ritz Carlton Hotel.
Expolanka was among a select group of companies which attended both events in London and Dubai.
In what was his first address to an audience of top institutional investors in London followed by in Dubai, Yusoof had said that with the Government positioning the country as a maritime and aviation hub, especially with a new port and an airport in the south, Sri Lanka offers unprecedented scope for companies engaged in transportation and logistics, which are core business of Expolanka and have made it a Sri Lankan multinational with operations in 38 cities in 11 countries.
“Singapore and Jabel Ali have benefitted tremendously with the unique advantage of an airport and seaport close to each other. I see similar benefits to Sri Lanka from the Hambantota Port and Mattala Airport whereby an ideal sea-air hub could be developed for South Asia,” he added.
“My message for participants at the London event was after suffering for 30 years due to terrorism, with peace Sri Lanka’s time to prosper has come and it is now,” said Yusoof, who reiterated this at the Dubai Road Show as well during the presentations to investors in the UAE.
Via its IPO last month Expolanka made available 172 million shares at Rs. 14 each and the biggest offer year to date, until Softlogic’s Rs. 4 billion, was oversubscribed by nearly five times.
Categorised as a diversified holding and under the Security Code of Expo-N-0000, 1.95 billion shares of Expolanka will be listed on the main board of CSE on Monday.