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Raigam subsidiaries to go public 

22 Aug 2021

  • Cosmetics, furniture businesses eye IPOs in 2023
  • Initial plan of IPO in 2022 postponed due to pandemic 
 By Yakuta Dawood   The Kingdom of Raigam expects to announce its Initial Public Offerings (IPOs) at the Colombo Stock Exchange (CSE) for its cosmetics and furniture businesses by the year 2023, The Sunday Morning Business learns.  Speaking to us, Kingdom of Raigam Founder, Chairman, and Chief Executive Officer (CEO) Dr. Ravi Liyanage stated that the initial plan was to announce an IPO at the CSE by 2022. However, with the current challenges faced due to the prevailing Covid-19 situation, the company now hopes to announce the same by the year 2023.  “Currently, there are challenges faced with the pandemic, hence, we will announce our cosmetics and the furniture brands by the year 2023. Later, we will start listing other Raigam subsidiaries according to our five-year plan,” Dr. Liyanage stated.  Adding further, he highlighted that for a country to flourish, it needs to have a very good capital market. “We need to contribute to the market as corporate citizens rather than just making money and keeping it to ourselves. It is important that the money collected is used in a fruitful investment to make the company prosperous,” he noted.  According to Dr. Liyanage, two new ventures are scheduled to be established in the market within the next year. This includes a breakfast cereal production plant in Galgamuwa, which has better access to raw materials, and a paddy rice plant in Badulla, for which the construction work has already commenced. Earlier this month, state-owned property development entity Selendiva Leisure said that it expects to face a delay of two months with regards to being listed on the CSE.  Selendiva plans to convert the Grand Oriental Hotel in Colombo to a Raffles class heritage hotel and also plans to make the Colombo Fort area similar to France’s Champs-Élysées.  Speaking to The Sunday Morning Business, Selendiva Investments Ltd. CEO Shamahil Mohideen said the Grand Oriental in Colombo will be converted into a Raffles-class international heritage boutique hotel, which will be managed by an international brand.   He said the York Street building will be developed to include other facilities like residencies, offices, and high street boutiques. “We want to make the Colombo Fort area with the development of Grand Oriental something similar to France’s Champs-Élysées, which is a shopping and tourism area,” he said.  Meanwhile, Lanka Credit and Business (LCB) Finance is also preparing to list their shares in the CSE through an IPO. They have already initiated and partly completed the listing process through their advisors to the listing, NDB Investment Bank.  LCB Finance has already appointed F.J. and G. de Saram as their legal advisors and Sampath Bank PLC as the banker to the IPO. LCB Finance Ltd. is a financial institution that was born out of the grassroots, and has since spread its roots across the length and breadth of the island.


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