By Duruthu Edirimuni Chandrasekera
Sri Lanka’s largest dairy plant is gearing to launch a public share issue early next month, according to an official. “We will come out with an Initial Public Offering in the first week of February and will list about 20% of the company,” Ariyaseela Wickramanayake, Managing Director Pelwatte Dairy told the Business Times.
He said the company, a subsidiary of Pelwatte Sugar Industries, is presently carrying out trial production in its Rs 1.8 billion worth, brand new, state of the art plant in Pelwatte. He noted that Pelwatte Dairy is the first private sector dairy plant located in a 25 Hectare land extent. “It has a complete range of dairy products, ranging from milk, milk powder, cheese, yoghurt, butter, flavoured milk and all sorts of ice creams,” he said.
He said the plant, which has the latest Danish technology will start production by the end of February.
Mr. Wickramanayake noted that the main reason to list the company is that they want Sri Lankans to feel that the company belongs to them and also partake in its success. “We want all our countrymen to be partners of this company. We lose US$ 300 million a year from importing milk. this is the money required to build Hambantota harbour. This company will be a huge cost saving to the country,” he added.
He said the money raised through the IPO will be utilised for future expansion. “The IPO is mainly aimed at making the Sri Lankans owners of this firm,” he added.
source - www.sundaytimes.lk
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