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Monday, January 4, 2010

ANOTHER IPO ON THE CARDS

CleanCo Lanka, the operators of the Drive Green Vehicle Emission Testing Centers, has announced its strategic intent go public in Sri Lanka with a listing on the Colombo Stock Exchange tentatively planned for 2010.

Bahrain-based MTI Consul ting's Corporate Financial Advisory Unit has been appointed to advice the company on gearing up to go public, managing the entire project including the listing and share issue process.

Drive Green presently operates 50 state-of-art testing stations around the island including 10 Mobile Units that are fully geared for vehicle emission testing. The company hopes to rapidly expand its network in 2010.

"We started our operations as early as July 2008 with 15 state-of-art Drive Green testing stations covering all provinces of the country except for the north. With four provinces under the program me now, we operate in 38 locations of the country and are still expanding. We use testing equipment supplied by Environmental Systems Products, USA, a pre-eminent vehicle emissions testing equipment manufacturer as well as testing station operator in the world," said General Manager of CleanCo Joel Peter.

CleanCo is a joint-venture managed by Hydro power International and Akbar Brothers, whilst being promoted by the Industrial Service Bureau (ISB).

All vehicles in Sri Lanka will need to have their emission certified before they can obtain their annual revenue license. CleanCo Lanka was appointed as an authorized agency for implementing this vitally important program me.

There is a high incidence of respiratory disease caused by air pollution in Sri Lanka, particularly among the young. Unchecked vehicle exhaust emission is the prime contributor to the problem. In order to combat this, the Sri Lanka Government gazetted minimum vehicle emission standards.

ISB conducted the first-ever study on vehicle emission using remote sensing technology on behalf of the Ministry of Transport with sponsorship together with ESP Inc and USAID/USAEP, Sri Lanka in 2003. The finding of this study assisted the Central Environmental Authority and Ministry of Transport to localize the emission standards for Sri Lanka.

MTI Consulting is an international management consultancy with a corporate finance practice that helps companies with due diligence, feasibility, funding advisory and facilitation and public listing advisory.

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