LBO Home IndoChina | About Us | To Advertise | Contact Us rss LBO Mobil rss rss rss rss rss
Sat, 25 October 2014 16:01:57
Sri Lanka to see first garment factory listing
07 Jun, 2011 19:24:50
June 07, 2011 (LBO) - Orient Garments Limited, a unit of Sri Lanka's Finco group of companies will be listed on Colombo Stock Exchange's second board, making it the first apparel maker to go public.
The firm will enter the market through a process of 'introduction' where a formal initial offer for subscription is not made to the public but existing shareholders can sell down after the shares are listed. The CSE said the trading date will announced later.

The company's website said it had annual revenues of 2.8 billion rupees and had capacity to make 300,000 pieces of garments a month, at five plants.

Garments are Sri Lanka's largest industrial export. In 2010 Sri Lanka exported 3.5 billion dollars worth of apparel and textiles mainly to the European Union and the United States.

Apparel firms have not sought listings or capital from the public market up to now. Stock valuations have risen sharply following the end of a 30-year war resulting in a flood of new listings.

Two textile firms, Kuruwita Textiles, a unit of the Brandix Apparel group, and Hayleys MGT Knitting, are listed.

At one time, two privatized textile firms were listed but they were unable to compete after import duty protection was withdrawn. Most Sri Lankans, especially people with lower income, now dress better as a result.
Your Comment
Your Name/Handle
Your Email (Your email will not be displayed)
Location
Country
Your Email
Receivers Email
Your Comment
 
READER COMMENT(S)
2. mzm Jun 08
@Shehan: Do read carefully, mate. The lower income earners are dressing better, because of the withdrawal of the import duty protection.
1. shehan Jun 08
I think this is one of the most ridiculous post ive read."At one time, two privatized textile firms were listed but they were unable to compete after import duty protection was withdrawn. Most Sri Lankans, especially people with lower income, now dress better as a result." i wonder who wrote this post?? sri lankans where well cos of 2 companies???