LVL Energy Fund Limited (LVEF) rang the opening bell to commence trading and celebrate the listing of its shares at the Colombo Stock Exchange (CSE) today. The listing follows a successful Initial Public Offering by the company, through which it raised Rs. 1.2 billion through a120 million share issue.
Speaking on behalf of LVEF, Director/CEO, Sumith Arangala pointed out that the listing marks a historic occasion for the company and stated that factors such as an ever increasing demand for power and energy, the right investment strategy with a large portfolio of investments, a clear share pricing and distribution policy, and a considerable free-float assisted the company in implementing a successful IPO. “We look forward to the active trading of our shares in the market and to creating financial reward for our IPO investors,” he added.
“We love investing in Bangladesh and Nepal as their policies are clear and we are also looking at investing in East Africa.”
Fund Limited as the second listing of 2018 adds to what has been a strong start to the year for the stock market. He noted that the growth of both indices (All Share Price Index +2.7% and S&P SL 20 Index +3.8%), encouraging trading activity and a net foreign investment inflow Rs. 2 billion within 5 days of trading has brought about a sense of optimism on the prospects for the market this year.
While welcoming LVEF to the stock market as its latest listed company, Bandaranaike also thanked Lanka Ventures PLC, the parent company of LVEF, for continuing to reach out to the capital market when pursing growth initiatives.
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