Teejay Lanka PLC (Teejay) rang the Opening Bell to commence trading at the Colombo Stock Exchange (CSE) recently.
The bell ringing ceremony was organized by the CSE to celebrateTeejay as the latest addition to the S&P Sri Lanka 20 Index. The index includes the 20 largest stocks by total market capitalization which meets minimum size, liquidity and financial viability thresholds.
Commenting on the prospects for the company and the industry, CEO/MD of Teejay Sriyan De Silva Wijeyeratne said, “The core fundamentals that impact our business are looking very strong for the longer term. We are very bullish about the prospects of the industry and to that extent, we welcome engagement with the stock exchange and investors, as we pursue to become a much larger, more significant business.”
While acknowledging that the listing sparked a thought process that helped the company to start thinking in a more corporate and global sense, Wijeyeratne stated that the capital market was a vital contributor to the organizations growth over the years.
Pointing out one such example he added, “When we set our sights on becoming one of the largest fabric manufacturers of South Asia, one of tools we leveraged for our acquisition in India was shares, where 50% of that acquisition was through shares. The fact that we were public gave the company the ability to leverage on the opportunity as part of our growth momentum. Currently we have invested in Synthetic capabilities in Sri Lanka.
The capacity expansion ongoing in India is the largest the group as ever undertaken, and with GSP round the corner, we are gearing for the next wave of growth”. Chairman of CSE, Vajira Kulatilaka congratulated Teejay on the company’s rise and stated that both the exchange and investors alike have benefited by the presence of an emerging player in the manufacturing sector in the market.
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