Luminex enters telco engineering biz in Oman

Monday, 28 November 2022 00:54 - - {{hitsCtrl.values.hits}}

Sets up joint venture with 70% stake and Rs. 100 m investment

Luminex PLC is to start operations in Oman in telecommunications infrastructure engineering business.

It is setting up a subsidiary with an investment of Rs. 100 million and becoming the majority shareholder with 70% shareholding and to complete the investment over 12 months.

Luminex Board of Directors are of the view that this overseas business expansion is in the best interest of the company and will derive maximum benefits to the shareholders of the company in future.

Luminex is a successful engineering company specialising in the fields of telecommunication, electrical, water, sewerage and civil construction. Having been incorporated in 1986, the company has developed expertise in the fields of electrical and telecommunication engineering by keeping abreast with the emerging trends in the relevant fields during the last three decades.

In FY22, Luminex achieved an annual revenue of Rs. 3.12 billion up 22% from the previous year and boosted total comprehensive income by 56% to Rs. 474.6 million. Sri Lanka Telecom continued to be its single largest customer contributing 53.9% of the turnover.