The share issue of Access Engineering Limited (AEL) which opened on Monday, June 6, has been fully subscribed and was successfully concluded amidst positive sentiments and significant interest from investors.
The issue which was opened for qualified investors identified by the Board of Access included institutional and high net worth investors, both local and foreign.
The company issued 180 million new shares at Rs 25 per share, offering an approximate 18 percent shareholding of the company raising a total of Rs 4.5 billion in equity funds.
The offering was amongst the largest placements done in the recent history of the Sri Lankan capital markets and was managed by NDB Investment Bank Limited (NDBIB).
AEL intends to seek a listing for its ordinary shares on the Main Board of the Colombo Stock Exchange via an Initial Public Offering within a period of one year subject to the requisite approvals from regulatory authorities.
Access Chairman Sumal Perera commenting on the success of the issue said overwhelming response to the AEL share issue is a show of confidence by the institutional and individual investors in the future prospects of the company.
"It is a recognition that the Sri Lankan economy is on course for sustainable growth and given that, the construction and engineering industry will be in the forefront of this growth," he said.
The company intends to utilize the funds raised via the share issue to finance future capital and working capital requirements that are expected to arise from proposed public-private partnership projects, investments in property development and township projects and to repay bank loans which have been obtained to finance the acquisition of plant and machinery.
source - www.dailynews.lk
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