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Sunday, 25 April 2010

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Company receives Rs. 250 m by issuing 80 m shares:

Raigam Wayamba Saltern PLC enters share market

The Raigam Wayamba Saltern PLC's Initial Public Offering (IPO) which was oversubscribed by 20 times will be traded on the Colombo Stock Market from April 29. The IPO was oversubscribed within half an hour after the share issue this month, the highest in a decade.

The company raised Rs. 250 million by issuing 80 million shares at Rs. 2.50 per share.Market sources said there would be a good response for Wayamba Saltern shares which is a noval entry into the share market.Chairman Raigam Wayamba Saltern, Dr. Ravi Liyanage said the funds raised from the share issue will be invested on development and expansion of the slaterns. The Raigam owns slaterns in Puttalam, Tengalle, Trincomalee and one to be developed in Kuchchiveli shortly. The full acreage of the salterns is around 650 acres.

The Raigam has an eight percent market share for table salt in Sri Lanka and saves US$ 4 billion foreign exchange annually to the country. The annual salt requirement of the country is around 150,000mt.

Sri Lanka was self-sufficient in salt and exported large quantities in the past. The country's best salterns in Mannar, Elephant pass, Nilaveli and Arugambe were not in usage due to the war. (LF)

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