Sri Lanka Hemas to list power company

Aug 24, 209 (LBO) – Sri Lanka’s Hemas Holdings group said the Colombo stock exchange has approved its application to list a power subsidiary, Hemas Power, on the bourse’s main board. Hemas owns half of the Heladhanavi 100 mega watt thermal power plant and a two mega watt mini-hydro power plant in Kandy in the central hills.

It plans to build a 1.6 MW mini-hydro plant as it expands renewable energy supplies to shift away from costly fossil-fuel thermal power. It said in a stock exchange filing it intends to offer for subscription 31.3 million ordinary shares on September 17 with the offer price to be determined via a book building process.

The book build price range is from 17 rupees to 20 rupees.

The managers to the offer are NDB Investment Bank with the registrars being SSP Corporate Services.

The offer prospectus is to be delivered to brokers on September 7.