Sierra Construction Ltd will go public early next year in a bid to take on more projects and retire its debt, according to company officials. “There’re plans to list about 10% of Sierra Construction (Sierra) by early next year,” a Sierra official told the Business Times.
He said they’re planning to raise some Rs. 400 million in a bid to retire debt and also for expansion plans. The company is now in discussion with three banks in this connection.
Sierra, which owns boutique hotel Elephant Corridor, is also eyeing four mega projects in Matale, Avissawella and two in the upcountry. “All these will be on tea estates,” he said.
He added that by next March, the company will have a clean balance sheet. “The boom in the construction industry opened up many opportunities for Sierra and we will also be in housing development activities such as developments of semi-luxury and luxury apartments in Colombo and suburbs,” he added.
Sierra’s leisure sector is now looking up with the tourist boom. “Next March is promising,” he said. |
E-mail
