The shares of Agarapatana Plantations Limited (CODE: AGPL-N-0000) commenced trading on the Colombo Stock Exchange (CSE) on 04th September 2023. The shares have been listed on the Diri Savi Board of the CSE under the Food, Beverage & Tobacco sector. The occasion was marked with a special Bell Ringing Ceremony.
The company’s Initial Public Offering (IPO) for 83,070,111 ordinary voting shares has been oversubscribed at an issue price of LKR 9.00 per share.
The event was attended by Agarapatana Plantations Ltd. (APL), Chairman, Mr. S.D.R. Arudpragasam, Managing Director, Mr. Sunil Poholiyadde, APL Director and CSE Former Chairman, Mr. Ajit Jayaratne, Chief Executive Officer (CEO), Mr. Denham Madena, Finance Director, Mr. Kowdu Mohideen, senior representatives of APL and Manager to the Issue, Capital Alliance Partners Limited’s CEO, Mr. Nishok Goonasekera, Vice President/Head of Equity Capital, Mr. Ashvanth Vijayaram, and staff of Capital Alliance Partners Limited.
The CSE was represented at the event by its Chairman, Mr. Dilshan Wirasekara, CEO, Mr. Rajeeva Bandaranaike, Chief Regulatory Officer (CRO), Mr. Renuke Wijayawardhane, Chief Information Officer (CIO), Mr. Chandrakanth Jayasinghe, and the CSE Senior Management and staff.
Delivering opening remarks, CSE Chairman Mr. Dilshan Wirasekara congratulated Agarapatana Plantations Ltd. on its initiative to go public. “Today is a special day for Agarapatana Plantations Ltd. and for the CSE, as this is the second listing of the year. The IPO was oversubscribed on the initial day itself, within a couple of hours. This shows the investor appetite and the value that the company represents.”
Mr. Wirasekara further said, “We know that APL, a subsidiary of Lankem Developments PLC, is at the forefront of the tea industry as one of the largest tea producers in Sri Lanka. And I think it makes a significant contribution to forex generation in Sri Lanka.”
“We are very happy to have APL listed on the CSE, and we hope this will encourage more companies to list on the CSE. Listing would further enhance your value in terms of corporate governance practices and public disclosure of company information.”
Thanking the CSE and Capital Alliance Partners Ltd. for their support and encouragement in enabling the public issue of the company, Mr. S.D.R. Arudpragasam, Chairman of APL, stated, “The listing marks a significant milestone in the history of the company since its privatization in 1992. As we become listed, we recognize the responsibilities that come with these rules. We understand the market demands transparency, accountability, and a relentless focus on creating and delivering value. Our presence on this esteemed platform is a testimony to the trust and confidence that our new shareholders have placed in us, which is also a reflection of the confidence in the plantation sector and the equity markets.”
“In the last few years, we changed the way we manage our plantations. We have accepted the need to think differently and embrace the growth changes as a new reality, one that is defined by innovation and the pursuit of excellence and growth,” added Mr. Arudpragasam.
He further said, “Our success should not be measured solely on financial terms but also by the positive impact we create in the communities in which we operate. We are also committed to sustainable practices that benefit not only our shareholders but also the environment and society at large. Our listing is a commitment for our future, in which we drive growth through responsible business practices.”
APL is one of the few mono-crop companies in the plantation sector, with all of the tea extent located in the “High Grown” districts of Nuwara Eliya and Badulla.
The Company has plantations located in the Agras Valley and Uva regions in Sri Lanka, and the properties held by APL include historical properties like Dambatenne Estate.