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Friday, November 5, 2010

Laugfs IPO oversubscribed

In a stock exchange filing last morning, managers to Laugfs Gas IPO, Merchant Bank of Sri Lanka (MBSL) said subscriptions for 75 million ordinary voting shares at Rs. 23 each and 52 million ordinary non-voting shares at Rs. 15 each, which represented 22 percent of Laugfs’ total equity, has been oversubscribed by 8.30 am yesterday morning.

MBSL said the offer was to close at 4.30pm yesterday.

"It is too early to say how many subscriptions we have received, there are many bank guarantees we have to process at this time," MBSL Deputy Director A. M. A. Cader told The Island Financial Review last afternoon.

The shares would be listed on secondary board of the Colombo Stock Exchange.

The Rs. 2.5 billion raised through this issue would be used to retire debt obligations, expand its core business and invest in the property market. Laugfs group has several hotels and plans to expand further in the leisure sector and venture into property developed through a 72 serviced apartment complex on a property owned by the group in Colombo.

source - www.island.lk