Hydro Power Free Lanka Limited (HPFL) will go for an initial public offering (IPO) to raise Rs 350 million to expand its hydro power operations.
A share of the IPO will be sold at Rs 10 and it is expected to be listed in the main board of the Colombo Stock Exchange (CSE) which will be issued on October 26.
HPFL is expected to issue 32 percent of the stake to the public that will start trading on November 15, Hydro Power Free Lanka Limited Chairperson Rohini Nanayakkara said.
HPFL is a BOI approved joint venture by Pussellawa Plantation Ltd and Free Lanka Power Holdings which at present owns two hydro power plants. The two hydro power plants in Gampola area generate 3.2 megawatts to the national grid.
“The company expects to expand its operations in hydro power through the IPO with four more hydro power plants in Stellenberg, Kuruwita, Thebuwana and Halgran Oya. Stellenberg and Kuruwita power plants will be constructed in next month while Thebuwana power plant will finish construction in December this year. The hydro power plant in Halgran Oya Phase one and two will be finished by February 2011.
We expect to contribute to the national grid with 5.37 megawatts after the completion of these four power plants,” she said.
The company had a revenue of Rs 100 million while earning Rs 57 million profit for the last financial year and expects to bring the revenue up to Rs 500 million while profit to Rs 400 million next year, Hydro Power Free Lanka Limited, Finance and Administration Manager, Sanjaya Prasad said.
source - www.dailynews.lk
No comments:
Post a Comment