LTL set to become first Sri Lankan firm to be listed on Dhaka Stock Exchange
Lanka Transformers Private limited (LTL) is set become the first Sri Lankan company to be listed on Dhaka Stock Exchange, with an Initial Public Offering (IPO), next year.
Addressing an investor forum on business opportunities in Bangladesh themed ‘Ayubowan Bangladesh’ organised by NDB Investment Bank Limited, LTL Group General Manager – Offshore Operations, Gamini Sarath revealed that Raj Lanka Power Company Limited, a subsidiary of LTL. is planning ot raise funds from an IPO next year.
“We are going to list one of our companies in Dhaka and Chittagong stock exchanges; we made our application to the Bangladesh Securities and Exchange Commission, and we will be the first Sri Lankan company to be listed on Dhaka Stock Exchange,” he said.
Sarath told Mirror Business that Green Delta Capital Limited was appointed as the Lead Manager and they are currently working on the IPO. However, LTL hasn’t finalised the amount to be raised through the IPO.
Sarath noted that 40 percent of LTL’S revenue would be generated from Bangaldesh by end of this year or from next year from the existing 27 percent, with the commissions of 114 MW power plant in Feni, Bangladesh, and few other power purchase agreements with Bangladeshi authorities.
He also announced that LTL also plans to diversify into other businesses such as transmission lines, substations as well as other non-related areas such as water and construction infrastructure.
LTL has invested over US$200 million in Bangladesh since its entrance to Bangladesh power sphere in 2010.
“We are totally satisfied with our decision to invest in Bangladesh. Sri Lanka companies should make the courageous decision to invest in Bangladesh. Initiation might be difficult but potential is great.”
He noted that it was relatively easy to interact with bureaucrats in Bangladesh who are friendly and attentive.