Orient Garments Ltd’s (OGL) 54.9 million ordinary shares will be listed and commence trading on the Colombo Stock Exchange from June 29, 2011. Orient Garments Limited, part of the Finco Group of companies, will be the first apparel manufacturer to be listed on the CSE and will be classified under the manufacturing sector on the Diri Savi Board. A stock exchange filing said the reference price would be Rs. 23 per share.
OGL, having established in 1982 as a specialized outerwear manufacturer for the export market, is today a fully-fledged garment manufacturer with 1,500 direct machine capacity employing over 3,500 personnel. OGL Group comprises of the holding Company and two subsidiaries, Stafford Orient (Pvt) Limited and Priority Garments (Pvt) Limited. The Group currently serves many leading international brands including Next, Tesco, Tommy Hilfiger, Polo Ralph Lauren and Burberry.
OGL Group has posted Rs. 2.8 billion revenue and earned Rs. 125.7millionprofit attributable to shareholders during the financial year 2009/2010. For the eleven month period ended February 28, 2011, the revenue was Rs. 3.3 billion and profit attributable to shareholders was Rs. 98.2 million.Net asset value of the Group as at March 31, 2010 was Rs. 512.3 million which had improved to Rs. 603.7 million by end of February 2011.
The Company operations are expected to gather a steady upward momentum with its moves to reinforce its position in its niche market capitalizing on its competitive strengths such as design capabilities, skilled workforce and the level of service.
Mr. Harsha De Silva, Managing Director of Navara Capital, which is managing the listing of OGL stated that this was the first instance of an apparel manufacturer obtaining a listing although the sector represents almost half of Sri Lanka’s export earnings. "We hope that this listing will encourage other players in the industry to share their success with the investing public by listing their shares on the CSE".
OGL shares will be introduced at Rs. 23.00 which was the same price at which the private placement was carried out in December 2010. At the introductory price, the Company will have a market capitalization of Rs. 1.2 billion at a PE of 10.00
The Finco Group of Companies with its history of nearly 50 years is today a well-diversified conglomerate with interests in a set of diversified business sectors encompassing Construction, Travel, Leisure, Manufacturing, IT and so on. The Group’s portfolio includes Sri Lanka’s iconic MI contractor, International Construction Consortium (Pvt) Limited, which is known as ICC and the leading office furniture and equipment manufacturer under the well-known brand "Alpha", Alpha Industries (Pvt) Limited.
The Board of Directors include; Sarath Chandra Weerasooria, Non-Executive Chairman, Rajinda Priyanjith Weerasooria, Managing Director, Harsha Mahendra de Saram, Executive Director, Sunil Karunanayaka, Non-Executive Independent Director and Dinesh de Zoysa, Non-Executive Independent Director.
source - www.island.lk
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