Officials of 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) last week. The listing follows a successful Initial Public Offering by the company, through which it raised Rs. 1.2 billion through a120 million share issue.
Director/CEO of LVL Energy Fund Limited, Sumith Arangala, the Acting CEO of Lanka Ventures PLC (the parent company of LVL Energy Fund Limited), K. Maheshwaran, Executive Director Deva Ellepola and Senior Vice President, Corporate Finance, Shehan Cooray who represented Acuity Partners (Pvt) Limited, the managers to the issue. CSE Director Dilshan Wirasekara, CEO Rajeeva Bandaranaike and the Senior Management of the CSE were also present.
CSE CEO Rajeeva Bandaranaike said that the share debut of LVL Energy 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.
Director/CEO, LVEF, 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 said.
LVL Energy Fund Limited was incorporated in June 2006 as a fully owned subsidiary of Lanka Ventures PLC. LVEF holds stakes in six operational mini-hydro power projects with a cumulative capacity of 16.9 MW and two investments in the wind power sector with a combined capacity of 15.3 MW. On the thermal energy front, the company has two investments in Bangladesh with a combined capacity of 104.4 MW.