The much awaited Vallibel One Initial Public Offering (IPO) will open on June 21, offering 21.3 million shares at Rs.25 to raise Rs.530 million.
A few months back, Vallibel One, controlled by business figure Dhammika Perera floated a massive Rs.4.9 billion private placement, which was believed to have snapped up even before the opening date.
The private placement offered 160 million shares at the IPO price (Rs.25) with an option to issue a further 36 million shares at the same price, in the event of an oversubscription.
Post private placement Dhammika Perera owns 689 million shares or 80 percent of the company.
Vallibel One is a diversified holding company with investments in financial services, tile and bathware manufacturing and hotels.
Vallibel One controls LB Finance Plc, Royal Ceramics Plc and 15 percent of Sampath Bank Plc. The leisure arm of the company called Greener Waters Limited and the company is expected to build a 400 room five-star luxury hotel in Kochchikade, Negombo.
As at 31 March, Royal Ceramics made a post tax profit of Rs.1.5 billion and LB Finance recorded a profit growth of Rs.1 billion.
Vallibel One’s Sampath Bank stake will be considered a long-term investment.
While Dhammika Perera is the Chairman and Managing Director of VOL, Nimal Perera functions as the Executive Vice Chairman.
Other Board members of the company are Harsha Amarasekera (Independent Non-Executive Director), Kimarli Fernando (Independent Non-Executive Director), Rajan Asirwatham (Independent Non-Executive Director) and Sumith Adhihetty (Non-Executive Director).
source - www.dailymirror.lk
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