Mackwoods Energy launches Rs.350 m IPO

Tuesday, 13 March 2012 01:25 -     - {{hitsCtrl.values.hits}}

Mackwoods Energy yesterday launched its Rs. 350 million Initial Public Offering (IPO) of 25 million ordinary shares at Rs. 14 each.

The issue, which opens on 22 March, will see 25% of the company’s shares vested with the public if fully subscribed to be listed on the main board of the Colombo Stock Exchange (CSE).



Of the funds raised, Rs. 80 million will be used to finance working capital requirements for thermal energy generation, Rs. 175 million to finance five small hydro power projects and Rs. 72 million to diversify into related products, markets and services.

In the year ended September 2011 the company’s turnover was Rs. 131 million and net profit for the year Rs. 41 million. Revenue is expected to grow to Rs. 280 million in 2012.

“Mackwoods is positioned as a total energy solutions provider with a presence in hydropower with 4000 power generators sold and serviced through a 17 dealer network,”  Mackwoods Chief Executive Officer, Arjuna Yatawara  said.

The 170-year-old diversified conglomerate which has a 42% presence in telecoms and 13% in plantations is going into power plants, marine engineering and marine power generation, newly supplying 2.5 Mega Watts to the national grid.

Earnings per share was 68 cents in 2011 and company officials said that according to forecast by the company earnings per share is expected to be 0.84 cents in 2012 with the price to earnings ratio expected to be Rs. 12.84 in 2012 and Rs. 11.11 in 2013.

The small hydro plants will be located on estates including Wedamulla (1,400 KW), Frotoft (900 KW), Labookellie (1,300 KW), Culloden (200 KW) and Doloswella (2,400 KW).

The company’s Board of Directors includes Arjuna Lasantha Yatawara, Nirmalie Samaratunga, Lalith Fonseka, Dr. Chrisantha Nonis, Shelendra Nonis Ranaweera, Lakshman Samarasinghe, Lakshman Hettiarachi, Dr. Hasaan Shafeeu and Shamal Liyanage.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.

COMMENTS

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.