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| Sunday, 31 March 2002 |
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Touchwood IPO oversubscribed The Initial Public Offer (IPO) of Touchwood Investments Ltd. has been oversubscribed, the company announced. The first IPO to appear in the Colombo Stock Exchange (CSE) since 2000, the issue had on offer 800,000 ordinary shares at a value of Rs. 10. The total market capitalisation after the IPO is Rs. 22.27 million. Touchwood's ordinary shares are expected to enter the secondary market before mid-April. The company's projected turnover of Rs. 38 million and projected profit of Rs. 6.4 million for the current financial year is on target while the projected turnover and profit for the financial year 2002/2003 are Rs. 58 million and is Rs. 15 million respectively. Chairman and Managing Director of Touchwood Roscoe Maloney said that they have planned to declare 80 per cent of the company's net profits as dividends to shareholders while ensuring a good secondary market for its ordinary shares. The Board of Investment-approved local company plans to farm 2000 acres of Mahogany on a 17.5 year harvest cycle. Touchwood Investments supplies the land and plants the investor's Mahogany trees per lot, manages and safeguards the investment till maturity and purchases them back from investors at a pre-agreed price. The objective of the project is to reduce pressure on natural rainforests, give employment opportunities to Sri Lankans and also to provide solid earning opportunities to people in Sri Lanka and abroad. Already over Rs. 60 million has been invested by the public and the company has completed planting over 30,000 trees in over 130 acres, Maloney said. Among Touchwood Investments' future plans are putting up a saw mill and factory for export of Mahogany timber-based products, development of carbon credit trading and setting up Mahogany plantations overseas. |
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