EML Consultants to develop into second listed entity on CSE’s Empower Board – Enterprise Information
- To offer 91 million shares as an introduction
- strives to expand abroad after CSE listing
- Says that listing would increase brand recognition and improve risk management at the same time
- Also later plans a private placement and rights issue to raise funds
By Nishel Fernando
Sri Lanka’s leading advisory services company, EML Consultants Limited, will become the second publicly traded company on the Empower Board of the Colombo Stock Exchange (CSE) as it aims to list 90.9 million voting shares in the company in an introduction on October 28 this year .
The CSE announced on Friday that it had agreed in principle to the planned listing on the stock exchange.
EML has grown into one of the country’s leading and diverse consultancy firms, covering a wide range of services over a period of less than two decades, realizing over 300 projects in a wide variety of sectors by major overseas donor organizations, including the Asian Development Bank (ADB), World Bank, UNDP, UNFCC, UNICEF, UN HABITAT, USAID, JICA, CIDA and GIZ are financed.
Avanthi Jayatilake, Managing Director of EML Consultants Limited, entering the company’s next phase of growth, told Mirror Business that the company is preparing to expand into the Maldives, Bangladesh, Southeast Asia and the Pacific Islands following the proposed listing on the CSE
End of October.
He indicated that the proposed listing would increase the company’s recognition while improving its risk management profile before expanding overseas.
The share price remains at around Rs.1 per share, and according to the proposed listing with a share capital of around Rs.100 million, it is expected to double when the IPO closes.
In addition, the company plans to raise funds through a private placement, followed by a potential rights issue at a later date.
Atara Capital Partners, who successfully made the first listing on the Empower Board possible, represents the company as manager for the planned listing.
Meanwhile, the company’s average turnover over the past few years is around 200 million rupees per year, with around 10-20 percent of its revenue being generated in foreign currencies.
Key projects the company has completed include the strategic environmental assessment of the Cauvery Basin, the EIA for the Lakvijaya power plant, the ADB-funded 100 MW wind farm, the AIIB-funded solid waste management project in Metro Colombo, and the EIA for the 100 MW solar park
in Monaragala.
Jayatilake noted that despite the impact of the pandemic, the company was able to maintain a stable order book through the end of 2022.
EML is a member of the National Chamber of Commerce and is also a registered specialist technical service provider to the Central Environmental Authority (CEA), the Board of Investment (BOI) and some government agencies.
