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SEC approves Vallibel One IPO; Rs. 500 m issue to open in June
The Securities and Exchange Commission (SEC) has approved Vallibel One Ltd’s (VOL) Initial Public Offering worth Rs. 500 million which is scheduled to open next month.
VOL is the first holding company of business tycoon Dhammika Perera consolidating his personal and controlling/strategic stakes in Royal Ceramics, LB Finance, Sampath Bank as well as an upcoming luxury resort in Negombo. VOL also has interests in renewable energy projects.
The IPO involves 20 million ordinary voting shares priced at Rs. 25 each, which was the same price at which VOL had a private placement early this year to raise Rs. 4.9 billion via issuance of 196 million shares. The latter was not only the biggest ever private placement but was a sell out with Rs. 7.5 billion worth of applications received.
Post IPO, Dhammika will own around 80% stake in VOL, which is steered by a board of directors involving top professionals.
Acuity Partners who were managers to the private placement will function in the same capacity for the IPO as well, bringing its tally of IPOs to three including one as a co-manager.
VOL is a diversified holding company with strategic investments in financial services, tile and sanitary ware manufacturing, and leisure. Sector specific operations are carried out through its subsidiaries, namely LB Finance PLC, Royal Ceramics Lanka PLC and Greener Waters Ltd, the leisure venture arm of the company. Further, the VOL holds 15% of Sampath Bank PLC which is treated as a strategic long term investment.
The Rs. 4.9 billion private placement was floated to part finance investment of up to Rs. 2 billion in leisure sector projects in Sri Lanka. The company will engage in leisure sector projects through its fully owned subsidiary, Greener Water Limited, which is investing in a 382 room, luxurious five star resort to be located in Kochchikade, Negombo.
The hotel will target the high end of the tourist segment and will be positioned as a five star hotel. The starting gross average room rate will be USD 180 and will increase to up to USD 220 in the 5th year of operation, as per the private placement prospectus.
Additionally funds raised via private placement will also part finance investments of up to Rs. 1 billion in selected power sector projects in Sri Lanka and part finance investment of up to Rs. 1 billion in other related investments.
Whilst Dhammika Perera is the chairman and managing director of VOL, Nimal Perera is the executive vice chairman. Other board members are attorney-at-law Harsha Amarasekera (Independent Non-Executive Director), banker Kimarli Fernando (Independent Non-Executive Director), senior partner and country head of KPMG Ford Rhodes Thornton & Company Rajan Asirwatham (Independent Non-Executive Director) and LB Finance managing director Sumith Adhihetty (Non-Executive Director).
http://www.ft.lk/2011/05/20/bourse-lights-up/
The Securities and Exchange Commission (SEC) has approved Vallibel One Ltd’s (VOL) Initial Public Offering worth Rs. 500 million which is scheduled to open next month.
VOL is the first holding company of business tycoon Dhammika Perera consolidating his personal and controlling/strategic stakes in Royal Ceramics, LB Finance, Sampath Bank as well as an upcoming luxury resort in Negombo. VOL also has interests in renewable energy projects.
The IPO involves 20 million ordinary voting shares priced at Rs. 25 each, which was the same price at which VOL had a private placement early this year to raise Rs. 4.9 billion via issuance of 196 million shares. The latter was not only the biggest ever private placement but was a sell out with Rs. 7.5 billion worth of applications received.
Post IPO, Dhammika will own around 80% stake in VOL, which is steered by a board of directors involving top professionals.
Acuity Partners who were managers to the private placement will function in the same capacity for the IPO as well, bringing its tally of IPOs to three including one as a co-manager.
VOL is a diversified holding company with strategic investments in financial services, tile and sanitary ware manufacturing, and leisure. Sector specific operations are carried out through its subsidiaries, namely LB Finance PLC, Royal Ceramics Lanka PLC and Greener Waters Ltd, the leisure venture arm of the company. Further, the VOL holds 15% of Sampath Bank PLC which is treated as a strategic long term investment.
The Rs. 4.9 billion private placement was floated to part finance investment of up to Rs. 2 billion in leisure sector projects in Sri Lanka. The company will engage in leisure sector projects through its fully owned subsidiary, Greener Water Limited, which is investing in a 382 room, luxurious five star resort to be located in Kochchikade, Negombo.
The hotel will target the high end of the tourist segment and will be positioned as a five star hotel. The starting gross average room rate will be USD 180 and will increase to up to USD 220 in the 5th year of operation, as per the private placement prospectus.
Additionally funds raised via private placement will also part finance investments of up to Rs. 1 billion in selected power sector projects in Sri Lanka and part finance investment of up to Rs. 1 billion in other related investments.
Whilst Dhammika Perera is the chairman and managing director of VOL, Nimal Perera is the executive vice chairman. Other board members are attorney-at-law Harsha Amarasekera (Independent Non-Executive Director), banker Kimarli Fernando (Independent Non-Executive Director), senior partner and country head of KPMG Ford Rhodes Thornton & Company Rajan Asirwatham (Independent Non-Executive Director) and LB Finance managing director Sumith Adhihetty (Non-Executive Director).
http://www.ft.lk/2011/05/20/bourse-lights-up/
