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| Sunday, 15 August 2004 |
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| News Business Features Editorial
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Large - scale revamp for Nawaloka The long delayed Nawaloka Hospitals Ltd public issue is underway with stockbrokers accepting applications. Officially, the subscription list for shares will open on Thursday 19 August when 15 million shares priced at Rs 20 each is issued, anticipating Rs 300 million. The issue will be open for 14 market days until closure on Tuesday 7 September. In the event of over-subscription, the list will close at 4.30 p.m. on the same day on which it is fully subscribed. The prospectus also says that an application has been made to the Colombo Stock exchange for an official quotation of 45 million ordinary shares with a par value of Rs 10 per share comprising the entire issued capital of the company, out of which 15 million shares will be issued to the public; 15 million shares will be allotted to employees of the Nawaloka group and a further 15 million to registered medical practitioners. The proceeds of the public share issue will be used to finance the expansion of the hospital where a five storied, 50,000 sq foot building will be built at the cost of Rs 100 million. The new building will house the hospital's out door patient department. The balance Rs 200 million will be used to settle debt. Work on the building on half-an-acre of land behind the hospital premises, is expected to begin shortly and will be completed in six months. The construction of the 5-storeyed building is planned to improve and increase the indoor patient service by relocating the outdoor patient service to Sri James Peiris Mawatha, entrance. This would segregate outdoor patients and provide more privacy to indoor patients. The issue is not underwritten. The company will use internally generated funds to mitigate any shortfall in the event the issue is not fully subscribed. The 18 year old Nawaloka Hospital earlier the domain of the Dharmadasa family, claims to have treated over 10 million patients. The hospital has over 4500 employees and is the first hospital in Sri Lanka to have received the National Quality Awards for Large Scale Services and ISO 9002. Nawaloka also claims to have pioneered many technological firsts in the healthcare industry, including MRI scanning. Nawaloka also boasts of having performed over 5000 cardio thoracic surgeries with an unsurpasing success rate resulting in an annual turnover exceeding Rs 1 billion. In 1989 Nawaloka established a critical care unit. Over the years they have established medical intensive care, surgical and coronary care and cardiac intensive care units. The Sri Lanka Heart Association has recognised the hospital for outstanding contribution to cardio vascular surgery. The Japanese Overseas Health Association Centre (JOHAC) has also recognised it for the only collaborating private hospital in Sri Lanka for medical exchange. The hospital also claims it has a modern operating theatre complex of six theatres built and equipped to international standards with specialised theatres for cardiac, orthopaedic, neuro, and general surgery. |
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