CSE approves second Empower Board listing

• EML Consultant to go public by way of introduction of 90.9 million shares at Rs. 2 each
• Move supported by Atarah Capital Partners which successfully listed first Empower Board entity Chrissworld

The Colombo Stock Exchange has approved the second SME-centric Empower Board listing  by EML Consultant Ltd.

EML will list 90.9 million shares at Rs. 2 each by way of an introduction.

The objective of the listing is for EML to enhance the governance structure of the Company by complying with the Corporate Governance requirements and continuing listing obligations of the Colombo Stock Exchange. It is aimed to build a transparent corporate profile where stakeholders would be able to always assess the operational and financial performances of the Company.

Another objective is to provide liquidity for the shares through an active secondary market where an exit mechanism is made available to existing shareholders at a future date.

Financial Advisor and Manager to the Introduction and Sponsor is Atarah Capital Partners which successfully listed the first Empower Board entity Chrissworld Ltd.

EML Consultants was incorporated in 1993 to provide technical and management consultancy services to the private and public sector in Sri Lanka and across the globe. Initial scope of services was focused on environmental and natural resources management.

Within a brief period of time, EML emerged as a leading consultancy services provider in many diverse industries and fields, and successfully expanded to cover a broad spectrum of areas such as community and livelihood development, SMEs, feasibility and environmental assessments, climate change, biodiversity and ecosystems, socioeconomic surveys, institutional development, conceptual and detailed designs, heritage and culture, infrastructure projects related to renewable energy, water supply, waste disposal, roads, transport and coastal management.

EML’s business model is such that the required technical expertise is obtained from outside consultants depending on project specifications. The company is involved in many categories of projects where resource requirements vary from one to another, making it more cost effective to obtain resources on a need basis. At present, the company has employed a minimum number of specialists as a measure of cost management and retains third-party consultants from its partner firms.

Its Board comprises Chairman, Non-Executive and Non-Independent Director Thilak Hewawasam, Managing Director K.A.K. Jayatilake, Non-Executive Independent Director H.N.J. Chandrasekera and Non-Executive Independent Director K.P.P.H. Mihiripenna.

Atarah Capital Partners said it is currently engaged in completing the remaining regulatory formalities and most probably secondary market trading of the company will begin during the week of 27 September.