Monday, 7 July 2014 00:00
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Lucky Lanka Milk Processing Co Ltd. launched its Initial Public Offering at a ceremony at Cinnamon Grand recently followed by cocktails. The Company is planning to raise Rs. 300 million via IPO which opens today. It will be offering 38,000,000 ordinary voting shares at a price of Rs. 6 and 24,000,000 ordinary non-voting shares at a price of Rs. 3. The shares will be listed on the Diri Savi Board of the Colombo Stock Exchange. Out of the proceeds, Rs. 200 m will settle the high cost borrowings, and Rs. 75 m will fund the expansion of the existing production plant with new cold room complex with an ammonia refrigeration system, extension to the existing UHT milk processing building and new machinery including conveyer systems and pigging systems. The remaining Rs. 25 m will be utilised for new projects such as Gedarata Kiri, Milk Bar Outlet and School Canteen.
– Pix by Upul Abayasekara
