Pelawatte Dairy Industries, which was to go public in February, will do so by the second week of August, according to its Chairman, Ariyaseela Wickramanayake.
He told the Business Times that the delay was due to many factors – elections, festival holidays, etc. “Also there were other firms’ public listings which took place during the past few months. It wasn’t a good move to list during that time,” he said.
He said that Pelawatte Dairy is the first private sector milk powder plant and its Rs. 1.8 billion facility has started producing a range of products including butter, yoghurt, flavoured milk, etc. “We’ll be starting milk power production in two weeks,” he added.
He said that the Initial Public Offering (IPO) will list about 20% in the company. He said their luxury hotel project, which is halfway done at present will immediately restart after the IPO of the dairy firm. “We’re re-starting the 58 luxury chalet project in Buttala, Pelawatte at the same premises where Pelawatte Sugar and Pelawatte Dairy are situated in,” he said. He said it is a Rs. 1.5 billion project which was stopped halfway due to the war situation. “We’ll open it to the public within eight months,” he added.