Empower Board to onboard at least five more SMEs
View(s):At least five companies are in the pipeline to be onboarded in the Colombo Stock Exchange (CSE) listing platform, The Empower board was launched to develop the Small and Medium Enterprises (SME).
Rajeeva Bandaranaike, CEO CSE, told The Sunday Times Business on Thursday that there are at least five companies that are working with investment banks to be onboard the Empower Board.
“This national imperative is to usher in an economically strong, politically stable, socially responsive, Sri Lanka,” he said noting that the SEC has identified four clusters who can assist them to broad-base Empower – the accounting professionals, the chambers, the Bank of Ceylon (BOC) and People’s Bank (PB) and the donor agencies.
Empower Board, launched in 2018, is aimed at companies that have at least Rs. 25 million in capital, are at least two years old, and have clean audit reports. It already has four companies.
Mr. Bandaranayake said that the listing will not only provide access to capital but also improve governance of smaller firms, helping them grow faster. He said the targeted investor issuer forums conducted by the market operator in the outstations have yielded interest from the SME Sector to be listed on the CSE. “Apart from access to capital, the new listing platform will offer SME opportunities to build credibility through disclosure of information and balanced governance standards, which would enhance their visibility and attract strategic investors,” he said.
Industry officials said that at least 20 start-ups are interested in raising capital through this board to reach the level of readiness to be listed in the CSE, establishing corporate governance structures and best practices, financial restructuring, and streamlining operations were key priorities in the preparation stage.
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