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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Luminex Limited lists on the Diri Savi Board after a capital raise of Rs. 250 Million

Luminex Limited lists on the Diri Savi Board after a capital raise of Rs. 250 Million

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Luminex Limited lists on the Diri Savi Board after a capital raise of Rs. 250 Million CSE06272022_1

Following the completion of the IPO process, the shares of Luminex Limited ceremoniously commenced trading on the Colombo Stock Exchange (CSE) on the 23rd of June 2022.

The shares have been listed on the Diri Savi Board of the CSE under the “2010 – Capital Goods” sector. The occasion was marked with a special Bell Ringing Ceremony organized at the CSE Trading Floor.

Key leadership executives from Luminex Limited, including Chairman Dr. Harsha N. De Silva, Managing Director Mr. Ruwan Fernando, and Director & CEO Mr. Upul Lekamge, were present to celebrate the corporate milestone for the company.

Financial advisor and manager to the issue Navara Capital, which guided Luminex Limited through the listing process, was represented by Chief Operating Officer Mr. Jayasankha Alahendra and the members of the engagement team.

The CSE was represented by its Chief Executive Officer, Mr. Rajeeva Bandaranaike, Chief Regulatory Officer, Mr. Renuke Wijayawardhane, and the CSE Senior Management.

Speaking at the ceremony, CSE CEO Rajeeva Bandaranaike congratulated Luminex Limited on its initiative to go public.

“Luminex is our fifth equity listing for 2022. We are pleased to have well established companies from diverse backgrounds represented on the CSE and offers investors diverse options when investing in the local stock market.”

Apart from assisting with raising capital, the stock market also enables companies to discover a price for their shares by unlocking value and thereby creating wealth for its shareholders .It also instills good governance practices and transparency through the compliance framework at the CSE

Speaking at the event, the Chairman of Luminex Limited, Dr. Harsha N. De Silva, said, over the last 35 years, the company has grown to be a formidable force in the telecom infrastructure and general engineering fields. Last year, the company reported a turnover of 3.1 billion rupees and a profit after tax of 489 million rupees.

“We have a staff strength of 570 people who operate from 29 operation centers across the country. Luminex is also an ISO 9001 certified company and holds an EM 1 grade from the Construction Industry Development Authority (CIDA), which speaks well of the professionalism of the company and its people. We are also very pleased and happy with the successful conclusion of the IPO, even during some of the most difficult times Sri Lanka has ever faced. We are encouraged by the response and would like to say a special thank you to all the investors who placed confidence in the company.”

Dr. De Silva commented on the event, thanking the CSE listing team as well as the management team at Navara Capital Partners for making the Luminex IPO a success.

“As a team, we strongly believe in the resilience of the Sri Lankan economy and its people. We are determined as a company more than ever to go ahead and to make our contribution to the Sri Lankan economy even during these difficult times. Luminex will strive to do our part as a good corporate citizen and provide the necessary backing for the people and the Government of Sri Lanka in any way we can. We are confident about the resilience of the CSE and the value proposition it offers and would like to encourage everyone by our example not to be disheartened and discouraged by the negative market sentiments but to make use of the opportunities available.”

A listing on the CSE is a hallmark of prestige - an affirmation of a company’s commitment towards ensuring the highest standards of corporate governance and transparency. A public listing also represents, the ultimate recognition of a company’s achievements in terms of growth and prestige. Companies listing on the exchange benefit from enhanced financial flexibility, improved access to capital, an increased local and global profile, access to liquidity among a number of other financial and non-financial benefits. The ability to tap into global capital without the restrictions inherent in traditional lending terms is also a powerful tool and the CSE acts as a gateway to global capital.

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