16 Jan, 201212:19:26
Sri Lanka Access Engineering plans listing: report
Jan 16, 2012 (LBO) - Sri Lanka's Access Engineering Ltd, a construction firm is planning a public listing of its shares in February or March, having raise 4.5 billion rupees through a private placement last July, a media report said.
The Sunday Times newspaper quoted chairman Sumal Perera as saying that the firm had 30 billion rupees of contracts for the next three years and about 80 percent of them are foreign funded state projects.
Last July the firm had raise 4.5 billion rupees by selling 180 million shares at 25 rupees amounting to 18 percent of the firm.
Sri Lanka's John Keells Holdings, Carsons Group, MAS Holdings, Vallibel One, Associated Electricals Company and the Hirdramani Group are among key shareholders after the placement, the report said.
The firm had gifted 120 million shares, valued at 3.0 billion rupees to employees.
Access Engineering's fully owned unit, Access Realties, owns the 'Access Towers' building in Colombo.
Access Engineering is planning to expand into renewable energy and property development, the newspaper said.