June 28, 2011 (LBO) – Orient Garments, Sri Lanka’s firm apparel manufacture to be listed on the Colombo Stock Exchange will be offered for trading from June 29, at an introductory price of 23 rupees. Orient Garments had posted revenues of 2.8 billion rupees in the year to March 2011 with profits of 125.7 million rupees.
The firm’s financial advisors Navara Capital said it had earned 3.3 billion rupees in revenues and 98.2 million in profits in the 11 months to February 2011. The firm has 54.9 million shares.
Earlier stock had been privately placed at 23 rupees priced at about 10 times earnings on the last year’s results.
“We hope that this listing will encourage other players in the industry to share their success with the investing public by listing their shares on the CSE,” Harsha De Silva, managing director of Navara Capital said in a statement.
It employs 3,500 people and 1,500 machines. It has two subsidiaries, Stafford Orient (Pvt) Limited and Priority Garments (Pvt) Limited.
The firm produces for brands including Next, Tesco, Tommy Hilfiger, Polo Ralph Lauren and Burberry.
Orient Garments is a part of Sri Lanka’s Finco group, whose other units include Internat