would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc.. 
Home
While the Rs 4.031 billion Initial Public Offering (IPO) will be used to retire most of its debt, the Softlogic Group plans to be on an acquisition mode post IPO – especially in the financial and leisure sectors.
According to Chairman Ashok Pathirage, the company is bullish on expanding its financial sector through acquisitions in different areas. “We are eyeing (to set up/ acquire) a stock-broking company. Softlogic Capital will go into insurance, asset management, etc,” he told the Business Times. The company bought into Capital Reach Holdings Ltd (CRHL) last August (now owning a controlling stake) and rebranded the firm as Softlogic Capital. Mr. Pathirage said plans are to set up the stockbroking firm through Softlogic Capital.
Ashok Pathirage
On their approach for the leisure sector, he said that Hotel Ceysands at Bentota which Softlogic purchased at a price of Rs.925 million last year will be refurbished. “The plans are on the drawing board to completely revamp this hotel. We will put in about US$ 15 million for this project,” he said, adding that the hotel, situated direct on the split of land between the Bentota River and the Indian Ocean, 65 km south of Colombo (ferry takes you to the hotel across the river) will see it expanding to 160 rooms from the existing 84 rooms.
“We’re in discussion with an Asian resort operator to rebrand it and manage it for us and the decision to bring in an international partner will be finalised once the refurbishment is completed,” he added. He said that Softlogic intends to retain the structure and build a four to five star hotel on this premises.
Mr. Pathirage also said that the 5-star hotel they’ll be building with the Swiss Moevenpick Hotels and Resorts which will be located next to the Colpetty shopping mall Liberty Plaza, on a 90-perch land won the approval from the authorities last Friday. Moevenpick’s management agreement with Softlogic for this 24-floor city hotel is for 24 years with a long 12-year agreement to be renewed (after the first 12 years). The 224-room hotel to be completed in nearly three years’ time is estimated to cost some US$ 37 million. This hotel is slated to house a rooftop chill out bar, a rooftop swimming pool, a Japanese restaurant, a nightspot (discothèque), a wellness spa, etc.
Mr. Pathirage said that while Softlogic will command some 420 rooms with both these properties, the company plans to add another 600 more rooms to its leisure portfolio. “We want to set up more properties at different locations,” he added.
He explained that Softlogic’s six different sectors; healthcare, retail, automobile, leisure, IT and communications and financial sectors will each have a holding company (once the businesses in these sectors are consolidated). He explained that in time Softlogic Leisure (the holding company for the leisure sector) will also go public.
Mr. Pathirage said the retail sector will be Softlogic’s major growth sector in the future. “We predict that our major growth will come from the retail and we are doing well in this area,” he noted, adding that Softlogic has two arms in this sector – consumer electronics which will see its current 75 showrooms expand to some 300 by December next year and branded apparels which by July will see Giordano, Mango, Nike, etc in the country. “We are also negotiating with other such brands (to bring them to Sri Lanka),” he added.
He said that Softlogic’s healthcare sector is also slated to show growth this year. Last September, its healthcare arm, Asiri Hospitals PLC inked a deal to acquire Digasiri Medical Hospitals owning a 2-acre land in Kandy in a bid to put up a 100 bed hospital. Mr. Pathirage said that they will be starting construction in two months’ time, adding that Asiri is also looking to be a regional player in the medium term and is eyeing Bangladesh as its first stop.
Softlogic concluded a Rs 1 billion private placement to sell 21% in late 2009 ahead of the 137.9 million share IPO, which will be sold at Rs 29 per share. This is also the largest IPO from a Sri Lankan firm. While Mr. Pathirage has 51% in the company, three other investors have 28%.
http://www.sundaytimes.lk/110529/BusinessTimes/bt13.html
According to Chairman Ashok Pathirage, the company is bullish on expanding its financial sector through acquisitions in different areas. “We are eyeing (to set up/ acquire) a stock-broking company. Softlogic Capital will go into insurance, asset management, etc,” he told the Business Times. The company bought into Capital Reach Holdings Ltd (CRHL) last August (now owning a controlling stake) and rebranded the firm as Softlogic Capital. Mr. Pathirage said plans are to set up the stockbroking firm through Softlogic Capital.
Ashok Pathirage
On their approach for the leisure sector, he said that Hotel Ceysands at Bentota which Softlogic purchased at a price of Rs.925 million last year will be refurbished. “The plans are on the drawing board to completely revamp this hotel. We will put in about US$ 15 million for this project,” he said, adding that the hotel, situated direct on the split of land between the Bentota River and the Indian Ocean, 65 km south of Colombo (ferry takes you to the hotel across the river) will see it expanding to 160 rooms from the existing 84 rooms.
“We’re in discussion with an Asian resort operator to rebrand it and manage it for us and the decision to bring in an international partner will be finalised once the refurbishment is completed,” he added. He said that Softlogic intends to retain the structure and build a four to five star hotel on this premises.
Mr. Pathirage also said that the 5-star hotel they’ll be building with the Swiss Moevenpick Hotels and Resorts which will be located next to the Colpetty shopping mall Liberty Plaza, on a 90-perch land won the approval from the authorities last Friday. Moevenpick’s management agreement with Softlogic for this 24-floor city hotel is for 24 years with a long 12-year agreement to be renewed (after the first 12 years). The 224-room hotel to be completed in nearly three years’ time is estimated to cost some US$ 37 million. This hotel is slated to house a rooftop chill out bar, a rooftop swimming pool, a Japanese restaurant, a nightspot (discothèque), a wellness spa, etc.
Mr. Pathirage said that while Softlogic will command some 420 rooms with both these properties, the company plans to add another 600 more rooms to its leisure portfolio. “We want to set up more properties at different locations,” he added.
He explained that Softlogic’s six different sectors; healthcare, retail, automobile, leisure, IT and communications and financial sectors will each have a holding company (once the businesses in these sectors are consolidated). He explained that in time Softlogic Leisure (the holding company for the leisure sector) will also go public.
Mr. Pathirage said the retail sector will be Softlogic’s major growth sector in the future. “We predict that our major growth will come from the retail and we are doing well in this area,” he noted, adding that Softlogic has two arms in this sector – consumer electronics which will see its current 75 showrooms expand to some 300 by December next year and branded apparels which by July will see Giordano, Mango, Nike, etc in the country. “We are also negotiating with other such brands (to bring them to Sri Lanka),” he added.
He said that Softlogic’s healthcare sector is also slated to show growth this year. Last September, its healthcare arm, Asiri Hospitals PLC inked a deal to acquire Digasiri Medical Hospitals owning a 2-acre land in Kandy in a bid to put up a 100 bed hospital. Mr. Pathirage said that they will be starting construction in two months’ time, adding that Asiri is also looking to be a regional player in the medium term and is eyeing Bangladesh as its first stop.
Softlogic concluded a Rs 1 billion private placement to sell 21% in late 2009 ahead of the 137.9 million share IPO, which will be sold at Rs 29 per share. This is also the largest IPO from a Sri Lankan firm. While Mr. Pathirage has 51% in the company, three other investors have 28%.
http://www.sundaytimes.lk/110529/BusinessTimes/bt13.html
