Sri Lanka’s number one corrugated carton manufacturer, Ex-Pack Corrugated Cartons Ltd on Thursday announced its impending initial public offering (IPO) and listing on the Colombo Stock Exchange.
In a media release, Ex-Pack said it is seeking to raise capital from the public upto Rs. 700 million by offering a 25 percent stake in the company or 83,333,333 ordinary voting shares at a price of Rs.8.40 per share through then IPO, resulting in a projected market capitalization of Rs.2.8 billion. The funds raised through the IPO are expected to contribute towards the commissioning of a new Rs.2.98 billion state-of-the-art production facility, which is being largely funded through internally generated funds and debt funding, it said.
The company is a wholly-owned subsidiary of Aberdeen Holdings. Formerly known as Expolanka Investments (Pvt) Ltd, Aberdeen Holdings is one of Sri Lanka’s most reputed and respected diversified family businesses with over 30 years of service across a myriad of industries including pharmaceuticals, commodities, aviation, transport, energy, farming, packaging and recycling and supply chain and logistics.
Discussing the business and the IPO, its Chairman, Sattar Kassim said, “Ex-Pack has built a solid reputation in the B2B space and is a well-recognised name in the market for corrugated cartons in Sri Lanka and abroad. Our reputation for quality and reliability is unparalleled in the industry and we have grown to become the market leader in Sri Lanka, not just in terms of production but also in terms of exports. Ex-Pack serves top corporate customers and brands, worldwide, across a range of industries including FMCG, consumer durables, apparel, tea and fisheries. Our team of 295 employees produce upwards of 2,650MT of corrugated cartons each month at our 203,000 square-foot production facility, while 52 percent of our group revenue comes from US$ earnings in export markets. Through our IPO, we intend to raise capital to help partially fund the expansion of our manufacturing capacity, through the commissioning of a new plant, bringing our monthly capacity to 4,000MT by 2025.”
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