Wednesday, November 24, 2010

Panasian Power to go public

Panasian Power Limited has launched its Initial Public Offering (IPO) of 200,000,000 shares at the rate of Rs 3, ahead of a CSE listing.

The share issue is to open on December 7, 2010. Panasian Power Limited owns a 2.0 megawatts plant in the Ratnapura district and has recently acquired the 2.4 megawatts Manelwala Hydropower in the Nuwara Eliya district. With this combined capacity of 4.4 megawatts, along with the many other plans in the pipeline to develop mini hydropower plants across the island, the company is in a unique position to re-energize the hydropower sector of the country.

With this in mind, the company will be offering shares for the general public in order to generate a greater level of investment and develop the hydropower industry of the nation.

Panasian Power Limited Chairman Dr Prathap Ramanujan said, “with the continued economic development in the country, it is extremely important that the country builds up the energy sector, which is a core factor of any country’s infrastructure.

With significant development of hydropower and the industry, both the public and the private sectors are showing interest in the potential of hydropower generation.

The mini hydropower projects, along with the many government led initiatives to promote hydropower provide significant proof of this renewed faith in hydropower.

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