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| Sunday, 23 October 2005 |
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| News Business Features Editorial
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Sierra Cables IPO opens on Oct. 26 by Don Asoka Wijewardena Sierra Cables becomes the first company in the diversified Sierra Group to go to public when it begins to accept applications for its initial public offer, said Sierra Cables Chairman Jayantha Perera at a press conference on Sierra Cables Initial Public Offer at the HNB Towers. Perera said that the much-awaited initial public offer of Sierra Cables would open on October 26 serving as a vote of confidence for the economy. He said that the company would offer 200 million ordinary shares of par value Re 1 each at Rs.3 inclusive of a premium of Rs.2 and Sierra Cables would raise Rs. 600 million from the IPO which would be channelled for planned expansion. Sierra Cables was the owning company of Alucop Cables which had been manufacturing quality cables, especially telecom cables. He said that its main buyers were CEB and leading construction comapanies in Sri Lanka and 80 per cent of cables were exported to India. He also said that the company owned 37 per cent of leading PVC pipes and fittings manufacturer, Central Industries Ltd and both companies are directly linked to the construction industry. Sierra Cables IPO would set the stage for broadbasing the diversified
group with a strong presence in engineering and construction,cable
manufacturing, consumer electronics,tourism, Information technology and
property development. Its lead issue manager is HNB Investment Banking Group
and Co-manager is the Commercial Bank. |
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