CSE News Updates

By Keishara Perera

Chairman/MD of Pelwatta Dairy Industries Private Ltd, Ariyaseela Wickramanayake, told Mirror Business that the company was not at all in a hurry to go for an IPO since the plant was still in production and there was no shortage of funds at the moment.

Wickramanayake said, though there were several reports in the media quoting him in relation to the company’s forthcoming IPO, there was no rush on the part of the company to go public right now. 

“The main reason behind the IPO is that we want all our countrymen to feel that they are a part of this company and also we want them to share in its success,” he said. “But right now we are in no hurry to go for an initial offer,” he added.

In March this year, Wickramanayke sold his controlling stake of Pelwatte Sugar to business tycoon Harry Jayawardena for just over Rs.1 billion.

However he continued to retain the control of Pelwatta Dairy, despite the take over of Pelwatta Sugar.
Mirror Business also reported in early January this year that Pelwatta Dairy was to go public in late January or early February offering 20% of the company’s Rs. 2.5 billion net capital to the public.

According to to Wickramanayake, Pelwatta Dairy is Sri Lanka’s largest dairy plant producing a complete range of dairy products, ranging from milk, milk powder, cheese, yoghurt, butter, flavoured milk and all types of ice cream.

source - www.dailymirror.lk