ODEL, Sri Lanka’s fashionable departmental store chain, this week said it planned to raise Rs 250 million from a public share issue with the additional funds going to upgrade its chain of stores and add new space.
“We want to revamp the stores, add new space,” said Otara Gunawardena, founder CEO of ODEL. She said the focus this year would on store development and expansion.
She said growth has been around 30-40% in the past year helped by the return of tourists at the end of the conflict. Tourists account for around 40 % of ODEL’s clientele. The company is issuing 16.7 million shares at Rs 15 per share, in a move that has been contemplated for a long time.