Business Times

Free Lanka plans to follow subsidiary Hydro Power Ltd’s IPO in 2011

After listing its subsidiary, Hydro Power Free Lanka Ltd. (HPFL), parent firm Free Lanka Capital (FLC) owned by Browns Group and Perpetual Holdings is planning a listing on the main board of the CSE, sources close to the company said.

“The company which is heavily diversified into plantations, timber, hydro power and leisure, etc is expected to come into the market early next year,” one source told the Business Times.
He said the firm has plans to build two hotels in Avissawella and Kandy and there are a host of other projects in related fields which they are eyeing.

At a media conference this week to announce HPFL’s IPO, officials said that the firm is offering 35 million ordinary shares of the company at the share offer price of Rs. 10 each. The IPO will be launched on October 26 and kept open till November 16 unless fully subscribed before that, while the minimum subscription has been set at 2,000 shares and thereon in multiples of 1,000 shares.

“The proceeds generated by the offer will be utilised for the construction of four more mini hydro plants. The company presently operates two 1.6MW plants, totaling to 3.2MW and we plan on adding 5.37MW to the national power grid with the construction of the two new plants,” HPFL Director Kamantha Amarasekera said.

He said that the power generated by these power plants will be classified under non-conventional renewable energy sources, which currently make up 10% of the national power grid.

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