Millennium Housing Developers to raise Rs. 192 mln

Millennium Housing Developers Ltd (MHDL) is raising Rs. 192 million from an IPO (initial public offering) that is to open on January 28.

The company said it planned to issue 16 million new ordinary shares at Rs.6 per share with an option of issuing a further 16 million shares if the issue is oversubscribed.

A company media release said the money will be used to fund four new housing projects in Homagama, Ja-Ela Seeduwa, Wattala and Piliyandala consisting of 180 new housing units during 2014 and 2015.

In addition to the above the company has identified three more locations to commence three more urban range housing projects consisting of around 150 houses within the Greater Colombo Area to meet the immediate housing demand for middle and upper middle housing requirements in close proximity to Colombo.

"Millennium Housing Developers Ltd is expanding to offer 42 housing designs price ranging from Rs. 2.5 million up to 20 million in five different locations which will be expanded to nine different locations during 2014 and 2015 this will enable the prospective buyer to select a design which suits his income in a location which is more convenient for his living and social requirements," the release said.

From the inception to date for the last 14 years MHDL has constructed more than 2500 housing units catering to all income levels. The company is blessed with a dedicated set of skilled workers and uses quality construction materials in the construction work, according to MHDL Executive Director Sisira Weerabahu.