LTL Holdings gearing for IPO
LTL Holdings, the engineering company in Sri Lanka specialising in the power sector, is planning an initial public offering (IPO) to expand in the region with new ventures.
“We have made an application to the Colombo Stock Exchange. The valuations are being done at the moment. We are likely to issue 20 per cent of the shares of LTL Holdings where all the power projects come under,” LTL Holdings CEO, Nuhuman Marikkar told The Business Times.
The IPO comes on the back of LTL Holdings’ subsidiary, Lakdhanavi, WindForce PLC, and Singapore’s renewable energy company The Blue Circle, planning to establish a US$ 152 million, 100 MW solar power plant with a transmission facility in Siyambalanduwa in the Monaragala district. This is the largest renewable energy project awarded to the private sector by the Ceylon Electricity Board (CEB) on August 16 and will be ready in two years. Blue Circle will have 40 per cent of the equity while Lakdhanavi and WindForce will share 30 per cent each of the $ 152 million investment.
WindForce Managing Director Manjula Perera said that 70 per cent of this investment will be funded by debt. He said that development financial institutions will take on 60 per cent of this debt and the balance will be funded by
Sri Lankan banks.
Meanwhile, Lakdhanavi has made a proposal with The Blue Circle for a similar modelled 100 MW solar power plant for the Bangladesh government. “The Bangladesh Power Development Board has identified the land and the proposal is at the final stage of evaluation,” Mr. Marikkar added. He also said that a $ 20 million worth 10 MW hydropower plant was set up in Nepal and Lakdhanavi is looking at a 20 MW hydropower plant in the same area with an investment of about $ 70 million. “This will be in the north of Nepal. They have a good tariff and most energy generated there is exported to India.”
The company also has plans to venture to Cambodia for a solar power project. “It is still in the early stages,” Mr. Marikkar said. Lakdhanavi is also looking at East Africa and Vietnam.
“With the current project, two
Sri Lankan companies with the support of a leading global renewable energy player will be able to set a benchmark price for large-scale renewable energy projects, especially solar power,” Mr. Marikkar, also CEO at Lakdhanavi told a media briefing on Tuesday in Colombo.
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