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| Sunday, 24 February 2002 |
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Asha Central to list shares on Second Board Asha Central Hospitals Ltd. (ACHL) will issue 22,333,957 ordinary shares at a par value of Rs 10 each. The shares will be listed on the Second Board of the Colombo Stock Exchange (CSE) and the listing will be by way of an introduction sponsored by SSP Corporate Services Ltd. confirming to the new rules of the CSE. ACHL, the oldest private hospital in Sri Lanka, was owned and managed by Asha Central Charitable Trust until the ownership of the hospital changed in 1998 to Euroam Management Services Ltd., the largest shareholder of the hospital. Chairman and Managing Director of the hospital Dr Neville Fernando, addressing the media, said that the hospital was on the verge of closure, saddled with a Rs 158 million loss when they took over. "Within four years, we have been able to turn it to a profit-making venture in keeping with our vision of ensuring the highest standard of medical care to our patients." The hospital offers diagnostic services, channel services, an intensive care unit, emergency treatment unit, four operating theatres as well as a maternity unit. "After the takeover in 1998, we purchased advanced laboratory equipment worth Rs. 109 million. The occupancy rate has increased to 75 per cent from the earlier 55 per cent. The number of operations has increased. There is also a rise in the number of channel patients and lab tests done at the ACHL after the takeover," he said. The hospital has a staff of 531 including 16 medical officers, 135 nurses and 19 sisters and matrons. "At the time the hospital was taken over, the staff members were demoralised and were trying to move. We gave them an increment within the first month of taking over and also ensured that they are well looked after," he said. The turnover of the company has increased from Rs 148 million to Rs 291 million while profits have increased to Rs 101 million from a loss of Rs. 34 million in 1998. He said Asha Central will have some competition from Apollo, but was confident that it can provide a medical service on par with any other international institution. The hospital offers concessions to shareholders such as a 10 per cent discount on hospital bills, laboratory tests and diagnosis. It is subject to 30 per cent of the par value of each shareholding. The directors of the company are Dr Neville Fernando (Chairman and Managing Director), M.M. Udeshi, T.L. Fernando, S. Fernando, S.N. Fernando, Dr S.K. Fernando and S.M. Jayathilake. Professional Assignments and Secretarial Services is the secretary to the company. The auditor is PricewaterhouseCoopers. The bankers are Hatton National Bank and Sampath Bank while Simon and Associates is the company's lawyer. |
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