By Jithendra Antonio
Softlogic Holdings PLC announced its Initial Public Offering (IPO), which is supposed to Sri Lanka’s second largest in 2011 (since 2005 Dialog IPO) targeting over Rs.4 billion offering 139 million shares at Rs.29 per share.
The offer will open on June 9 and will be listed in the ‘Diri Savi’ board of Colombo Stock Exchange with a 779 million issued share capital.
Softlogic Holdings has 28 subsidiaries and two associated companies diversified in to Leisure, ICT, Retail, Auto Mobile, Finance, Travel and Health Care sectors and is the largest stakeholder of Asiri Hospitals.
Speaking on the IPO, Chairman of Softlogic Holidings PLC Ashok Pathirage said that the company is hoping to retire its debt and make the balance sheet healthy through reducing borrowed liabilities, using IPO proceeds.
According to Chairman Ashok Pathirage, the company has today become one of the largest diversified conglomerates with US $ 150 million turnover, in operation for 20 years. He added that Softlogic has made its way to diversify from its home country Sri Lanka to Pakistan, Australia and is bullish on Sri Lanka’s healthcare sector growth potential.
“Several newly acquired entities including Ceysands Hotels will be upgraded from 84 rooms to 150 rooms in November 2012, and will also be increasing the number of Softlogic retail outlets to 250 by next year at a cost of Rs.500 million.
source - www.dailymirror.lk
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