South Asia Textiles will go public
Lanka Century Investments LCI (formerly ERI-LCI) is planning to sell its subsidiary, South Asia Textiles better known as ‘Pugoda Textiles’ through the stock market.
LCI’s Deputy Chairman, Eric Wikramanayake said this company’s order books are full and some enhancements to the production facility will be done in a bid to better meet the order requirements.
“We will list it this year or the next and if there’s a strategic buyer, we’ll exit this business.”
LCL has also put its subsidiary, Colombo City Holdings, in the market. This firm owns a 200 perch property at Union Place and a 30 perch land at Bambalapitiya. While stating that all their businesses will eventually be restructured and spun off, he said that as for Ceylon Leather Products (CLP), they may acquire a complimentary business, grow their retail operation and enhance their exports to the EU. CLP, whose products are been exported to India, China, Japan, UK and the European Union is also gearing to come out as a firm which will eventually go international. He also said that CLP, whose products are been exported to India, China, Japan, UK and the European Union is also gearing to come out as a firm which will eventually go international.