Sri Lanka Malaysia hydro power IPO oversubscribed

Dec 07, 2010 (LBO) – An initial public offering of 200 million shares by Panasian Power, a unit of Malaysia-based Majulia group, to raise 600 million rupees was oversubscribed within hours on the opening day, a statement said. SSP Corporate Services (Private), registrars to the issue, said in a stock exchange filing that the IPO, oversubscribed at an issue price of three rupees, would be closed at 4.30 pm Tuesday.

Panasian Power owns a 2.0 MegaWatt mini-hydro plant in the Ratnapura district and has a power purchase agreement with state-run Ceylon Electricity Board which runs till July 2019.