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Monday, May 23, 2011

INTERVIEW-Sri Lanka's Softlogic says to raise $36 mln through IPO in June

May 23 (Reuters) - Sri Lankan conglomerate Softlogic plans to raise 4 billion rupees ($36.4 million) through an initial public offering in June, the company's chairman said on Monday.

"In terms of IPO, we are raising 4 billion rupees and it has been approved by Colombo Stock Exchange and shares will be priced at 29 rupees each," Ashok Pathirage, the chairman and managing director of Softlogic told Reuters in an interview.

"Most of the (IPO) money will be used for retiring short term debts. We have already done some financing pending the IPO. We have purchased hotels and a stake in Asiri Hospital . So we will pay all that with the IPO funding."

Softlogic, which is selling 137.9 million shares or 17 percent of the company, is the exclusive distributor for Nokia handsets and Dell computers in Sri Lanka.

It also has operations in information and communication 7technology, healthcare, retail, auto mobile, leisure, and financial sectors. (Reporting by Shihar Aneez; Editing by Lincoln Feast)

source - in.reuters.com