Panasian Power to go public

Panasian Power Limited has launched its Initial Public Offering (IPO) of 200,000,000 shares at the rate of Rs. 3, ahead of a CSE listing. The share issue is to open on 7 December 2010.

Panasian Power Limited owns a 2.0 MW plant in the Ratnapura district and has recently acquired the 2.4 MW Manelwala Hydropower Pvt. Limited in the Nuwara Eliya District. With this combined capacity of 4.4Mw, along with the many other plans in the pipeline to develop mini hydropower plants across the island, the company is in a unique position to re-energise the hydropower sector of the country.

With this in mind, the company will be offering shares for the general public in order to generate a greater level of investment and develop the hydropower industry of the nation.

Dr. Prathap Ramanujan, Chairman of Panasian Power Limited, said: “With the continued economic development in the country, it is extremely important that the country builds up the energy sector, which is a core factor of any country’s infrastructure. Panasian Power is proud to be part of that initiative to power the nation, the environment and the people. We also believe that this IPO will prove to be a catalyst in taking Sri Lanka’s hydropower sector to the next level.”

With significant development of hydropower and the industry, both the public and the private sectors are showing interest in the potential of hydropower generation. The mini hydropower projects, along with the many government led initiatives to promote hydropower provide significant proof of this renewed faith in hydropower.

Zulfika Ghous, Director of Vidullanka said: “With this level of support being shown, Sri Lanka is in a unique position to take hydro power generation to the next level. As can be seen from recent activities, there has been a lot of buzz around hydropower, I truly believe Sri Lanka’s energy industry is at a critical inflection point, and it is imperative that we take steps in the right direction and invest in such endeavours.”

Mini Hydropower plants have been in the forefront of hydropower generation as one of the most environmentally friendly forms of power generation. With carbon emissions causing concerns daily and climate change taken up as a key topic in global discussions, the importance of green energy has continued to grow. Additionally, with the world’s population steadily increasing, this has made renewable energy resources a focal point of power generation, due to a fear of dependence on steadily decreasing fossil fuels.

Applications and Prospectus for the Panasian Power IPO will be available at all Sampath Bank branches, the Kenanga Investment Corporation and with all major stockbrokers. These documents can also be downloaded from www.panasianpower.com.