Nawaloka Hospitals says it is forced to nurse a Rs. 85 mn in debt and interest payments as its initial share issue gets delayed due to political theatrics.
The hospital, which enjoys a healthy Rs. 125 mn in revenues per month, was hoping to raise Rs. 300 mn through an initial public offering.rn
rnNawaloka Hospitals (Pvt) Ltd, one of the largest private healthcare specialists, was hoping to issue 15 mn new shares last December. But political uncertainty set in to the equities market, after President Chandrika Kumaratunga plucked three key cabinet portfolios last November.rn
rnldblquote The IPO is now pushed off until May or June depending on the market situation after April,
dblquote said Professor Lal Chandrasena, Director/General Manager, Nawaloka Hospitals told Lanka Business Online.rn
rnPlans to pre-sell part of the IPO to its staff have also fallen through, after securities regulators frowned over the suggestion.rn
rnAt present, Nawaloka controls over 60 percent of the private health servi