Access Engineering delivers hope to millions

Friday, 17 February 2012 00:01 - - {{hitsCtrl.values.hits}}

Access Engineering Limited (AEL), one of the country’s leading construction enterprise, is an integrated engineering company which stands in the forefront of developing large and complex infrastructure development projects utilising innovative and state-of-the-art technological solutions in all its construction projects.

To date the company has been involved in a diverse range of construction and infrastructure projects in varied sectors such as roads and highways, bridges and flyovers, water and waste management, harbours and marine work, dredging and reclamation, telecommunication, irrigation and land drainage, piling and environment and waste management. Many of these projects have been of very high national priority in Sri Lanka’s attempt to improve its infrastructure to international standards. The company has also been involved in some of the largest infrastructure development projects in the country, funded by the World Bank, Asian Development Bank, JBIC-Japan, SIDA-Sweden, DANIDA-Denmark and ECGD-United Kingdom, etc. Other major projects undertaken by AEL include the Dehiwela, Kelaniya and Nugegoda flyovers, the Aluthgama, Udawalawe, Beruwela, Hambantota and Batticaloa Water supply projects, the raising of the Unnichchai tank, implementation of a fibre optic network and rehabilitation of the A9 road. Speaking about the achievements and future prospects of the company, AEL Chairman Sumal Perera said: “We believe that to meet the expectations of all our stakeholders and the country at large, the Engineering and Construction industry has a major role to play. In order to do so, it was important for the company to enhance its capacity and by broad basing its ownership with a 18% private placement (Rs. 4,500 million) and 2% IPO stake (Rs. 500 million) in addition to making its employees co-owners of the company, by gifting a 12% stake to them (Rs. 3 billion), we believe that the company has been able to create a very strong platform and now poised to benefit from the many infrastructure development, engineering and construction projects taking place in the country.”

In addition to the private placement by which the company raised Rs. 4,500 million in June 2010, it has now got approval from the SEC/CSE for an initial public offering of 20 million new shares at Rs. 25 each amounting to a total of Rs. 500 million (at the same price the private placement shares were issued) which will be a 2% stake in the post IPO stated capital. The issue opens on 6 March and will close on 9 March unless already oversubscribed. Established in 2001, Access Engineering Limited has established itself as a leading construction company offering innovative value engineering solutions comprising design, procurement, construction and commissioning of numerous multi disciplinary engineering projects for both the Government and private sector of Sri Lanka.

Over this short span of existence AEL has carved out a name and stature for itself in the civil engineering sector of the country which has resulted in the company seeing continuous unprecedented growth while leveraging proficiency and competencies it possesses to generate value for its stakeholders. It has also in its short period of existence won many construction industry and national business excellence awards.