Luminex seeks listing on the CSE

Friday, 28 January 2022 00:00 - - {{hitsCtrl.values.hits}}

Navara Capital are the Financial Advisors and Issue Managers for the IPO

Luminex Ltd., a multifaceted engineering company with an unblemished record for 35 years of operations, announced its plans to be listed on the CSE, subjected to regulatory approvals. Navara Capital Ltd. have been appointed as the Financial Advisors and Managers to the issue.

Established in 1986, the company has an annual turnover of Rs. 2.5 billion and aims to scale up and consolidate local operation with plans to extend its footprint to the Middle East in the near future. The funding from the IPO is expected to fuel the company’s growth trajectory in the medium-term.

Luminex Ltd. has completed over 850 projects during the past 10 years and its pioneering presence in the Sri Lanka’s Telecommunication infrastructure sphere has enabled the company to serve market leaders in their respective fields.

They are also in the forefront of fibre network development projects for Sri Lanka’s two leading telecom service providers and a Civil Engineering service provider for the National Water Supply and Drainage Board. The company’s operations are backed by a 550-strong technical workforce across eight operations centres and 29 project offices.

Three new Non-Executive Directors have been appointed to the Board recently who bring with them a wealth of busi

ness acumen. Chairman/Non-Executive Director Dr. Harsha de Silva counts over 25 years senior and strategic management experience in the corporate sphere locally and internationally. He is a veteran of the Investment Banking industry in Sri Lanka.

Independent Non-Executive Director Asoka Hettigoda counts for over 25 years of experience in strategic management and is the Managing Director of the Siddhalepa Group, while Independent Non-Executive Director Lionel Imbulana is a Chartered Engineer with a wide range of experience in serving Sri Lanka Telecom for more than 35 years, having served as Chief Regional Officer – Sales and Operations of Sri Lanka Telecom PLC.

Commenting on the preparations for the proposed IPO, MD Ruwan Fernando said: “We are looking forward to list Luminex Ltd. on the ‘Diri Savi’ Board of the Colombo Stock Exchange as part of our strategy to broad-base ownership and to further enhance our brand equity.

“Luminex is positioned strongly in the nation’s engineering sector and is geared to expand its operations beyond the shores of Sri Lanka. Luminex is very optimistic against a backdrop of aggressive expansion by telecom and water distribution infrastructure investments which are expected to benefit revenue growth. We are also proud of our consistent track record of generous and timely dividend payments made to shareholders.”

Luminex Ltd. is an ISO 9001: 2015 Quality Management-certified company form DET NORSKE VERITAS (DNV) and is graded EM1(highest grade) by the Construction Industry Development Authority (CIDA) in Telecom and Electrical sectors, C2 and C3 in water and Buildings respectively.