Expolanka IPO opens today

Thursday, 12 May 2011 00:36 - - {{hitsCtrl.values.hits}}

Expolanka Holdings Limited, a diversified conglomerate with interests in transport, manufacturing and international trading and strategic investments in BPO and tertiary education opens its Initial Public Offering to be listed on the main board of the Colombo Stock Exchange today.

Commenting on the opening of the IPO, Group CEO of Expolanka Holdings Hanif Yusoof said: “These are exciting times for Expolanka. We expect the IPO to raise Rs.2.4 billion, which we intend to primarily use to enhance our working capital, expand our warehouse capacity and restructure debt. In addition, we intend to expand our global and local footprint and concentrate on enhancing our core business.”

Hanif further stressed that the group had identified various plans in moving forward and taking the company to the next level: “The group functions with a simple vision. We believe in stakeholder returns and our aim is to bring value to our stakeholders. We have set ourselves some challenging growth plans, which we hope will create value for all our stakeholders.”

“We have interests and plans in the emerging markets and also have focused interest in emerging industries in Sri Lanka as well. We seek opportunities where there is scope for growth and development,” he added.

Expolanka started out its business in 1978 as an exporter of fresh produce and has positioned itself today as a conglomerate with a consolidated group turnover of Rs. 29 billion as at 31 March 2011 and boasts of a presence in 38 cities across 11 countries.