Adam peaks on debut!

Wednesday, 11 June 2014 00:12 - - {{hitsCtrl.values.hits}}

Newest listed entity sees share price rise by 36% before closing up 33%

Newest listed corporate Adam Investments Ltd. (AINV) in its own right had a spectacular debut yesterday, peaking to an intra-day high of Rs. 4.10 or by 36.6% and closing at Rs. 4, up by 33.3% or one rupee from its IPO price. In a surprising move, the company invited MP and Monitoring Minister of Defence Duminda Silva to ring the bell at the Colombo Stock Exchange and be part of the opening day trading. It was the first time in post-war Sri Lanka an MP was present to witness the debut trading of a listed company. Pix by Sameera Wijesinghe\

Not very much in public domain yet strengthened by its own strong presence in several of key sectors of the economy, AINV managed to raise Rs. 400 million via an IPO of 133.3 million shares at Rs. 3 each. It was entirely subscribed by retailers. It was termed as a medium term buy. Yesterday AINV saw 11 million of its shares change hands for Rs. 41.75 million via 889 trades. Adam Investments Ltd. has equity investments in Orient Garments Plc, Ceylon & Foreign Trades Plc and PC House Holdings Plc and substantial shares of private limited liability companies, namely Network Communications Ltd., Adam Metals Ltd., Adam Apparels Ltd., Adam Automobiles Ltd. and Adam Air Conditions Ltd. Interestingly, all of these companies pre-date the formation of AINV with some of them established and operating for over 40 years, others already publicly listed companies. The Board of Directors believes uniting these entities under the Adam Investments umbrella will strengthen all, allowing each company to thrive in their respective sectors while synergies and streamlined management practices between companies could help create a sustainable environment for growth and excellence. The Board of Directors of Adam Investments comprises Chairman Deshabandu Dr. Ali Asger Shabbir Gulamhusein, Chief Executive Officer/Executive Director Rev. Dr. Lawrence Mervyn Fitzgerald Adams, Executive Director Danushya Chintha Mediwake Gulamhusein, Non-Executive Director Taher Abbas Gulamhusein, Non-Executive Director Idris Shabbir, Non-Executive Director Malayandi Jeyaprakash, Executive Director Loolbadda Waduge Waruna Priyankara, Non-Executive Independent Director G. Ramanan and Non-Executive Independent Director Imran Zahir.