Mackwoods Energy high on debut

Thursday, 26 April 2012 00:00 - - {{hitsCtrl.values.hits}}

Mackwoods Energy Limited (MEL) made an excellent debut yesterday on the Colombo Stock Exchange being the second IPO for the year that ended in an upward trend, challenging the trend of the recently traded IPOs. MEL finished the debut up 70 cents to close at Rs. 14.70 with a market capitalisation of Rs. 1.47 billion. The debut saw 725,267 shares of MEL traded between a high of Rs. 16 and a low of Rs. 14.

MEL has positioned itself to take the benefit of the potential growth in the Power and Energy sector recognizing the sector as an essential driver of socio-economic development of the country. The company expects to harness the available sources of energy particularly renewable energy, and contribute to meet the fast growing energy need of the country through the provision of cost effective energy solutions. Here officials of Mackwoods Energy with managers and advisors to the IPO gathered at the Colombo Stock Exchange to witness the debut.