Myland Developments debuts trading on CSE

Podium participants, from left: CSE CEO Rajeeva Bandaranaike, Myland Developments Chairman/Independent/Non-Executive Director W.D. Premachandra, Myland Developments Managing Director/Executive Director Nalin Perera, Myland Developments Executive Director Iresha Dissanayake, Myland Developments Independent/Non-Executive Ajith Alahakoon, CSE CRO Renuke Wijeywardhane and Atarah Capital Partners Managing Partner Rohan Senewiratne

CSE CEO Rajeeva Bandaranaike

Myland Developments Chairman/Independent Non-Executive Director W.D. Premachandra

The shares of Myland Developments Ltd. commenced trading on the Colombo Stock Exchange (CSE) yesterday. The shares have been listed on the Diri Savi Board of the CSE under the ‘Real Estate Development’ sector. The occasion was marked with a special Bell Ringing Ceremony.

The share gained by 83.3% or Rs. 10 to close at Rs. 22 as opposed to IPO price of Rs. 12.  Around 7.8 million shares changed hands via 4,702 trades for Rs. 172.8 million.

Representing Myland Developments, Chairman/Independent/Non-Executive Director W.D. Premachandra, Managing Director/Executive Director Nalin Perera, Executive Director Iresha Dissanayake and Independent/Non-Executive Director Ajith Alahakoon joined the event. 

Financial Advisors & Managers to the issue Atarah Capital Partners was represented by Managing Partner Rohan Senewiratne. 

The CSE was represented by Chief Executive Officer Rajeeva Bandaranaike and Chief Regulatory Officer Renuke Wijayawardhane at the event.

Bandaranaike, speaking at the ceremony, congratulated Myland Developments on its initiative to go public. “Incorporated in 2017, Myland Developments has demonstrated promising growth in the industry and the steps that the company has taken towards listing are commendable to expand the company’s business interests. The real estate industry is witnessing impressive growth and it is important to have listed companies representing the industry as the real estate sector is somewhat underrepresented in the market capitalisation of the CSE.” 

Also speaking at the event, Premachandra commented: “Even though Myland Developments has a shorter history, we have many success stories to share. Among those, we consider this IPO and the listing the most valuable event in our short history we have achieved. This is all because we wanted to become a responsible corporate citizen. When we list the company, we know that regulators will be vigilant about the things that we do. More importantly, the investors will be watching what we do, and the market will reflect the value of the things that we do. We consider this a great opportunity for us to manage our company in the right direction. This is the main reason for us to list the company in the market.”

Premachandra also thanked the SEC, CSE, Atarah Capital Partners, Sampath Bank, and their lawyers and auditors for the support extended during the IPO. Speaking on the listing experience, he added: “With this investor funds what we have now, we are in a better position to leverage and negotiate better with banks and landowners to sell when we buy. So, it’s a great advantage we have. Finally, I must thank all those 2,884 investors who have placed confidence in us and our company for investing in this IPO.”

Mylands Developments engages in the development and sale of lands for residential and commercial purposes. The company was founded with a vision to provide affordable lands to Sri Lankan citizens to build their desired property.