By Hiran H.Senewiratne
Access Engineering Plc after its successful debenture issue recently will invest Rs 2,586 million in a 28 floor building called Access Towers 2, adjacent to the iconic Access Towers at Union Place in Colombo.
Access Engineering Plc after its successful debenture issue recently will invest Rs 2,586 million in a 28 floor building called Access Towers 2, adjacent to the iconic Access Towers at Union Place in Colombo.
Another Rs 2,414 million will be invested to construct 941 housing units at Henamulla, Colombo 15, under the Urban Regeneration Project of the Urban Development Authority.
The above project is part of a larger urban regeneration project aimed at providing permanent houses for low income families by the government of Sri Lanka, while the second tower of the company would be targeting for office space for renting, Access sources said.
The initial debenture issue was 30 million Rated Senior Unsecured Redeemable debentures at a par value of Rs 100 each (Rs 3,000 million) with the option of accepting a further 20 million of the said debentures (Rs 2,000 million) at the discretion of the Board of Directors of AEL in the event of an over-subscription, Stock Market sources said.
AEL decided to exercise the oversubscription option and accepted a total of 50 million of the said debentures (Rs 5,000 million) as the initial issue was oversubscribed.
The keen interest in the market for the AEL debentures indicates the positive sentiment towards the company and the construction industry as a whole. The debentures are rated [SL] A+ by ICRA Lanka Limited with a positive outlook; and are to be listed on the Colombo Stock Exchange.
NDB Investment Bank (NDBIB) acted as the managers and financial advisors in both these issues. The success of this transaction is a testament to NDBIB’s leadership in the capital markets and its expertise in providing financial services to the construction industry in Sri Lanka.
www.island.lk
The above project is part of a larger urban regeneration project aimed at providing permanent houses for low income families by the government of Sri Lanka, while the second tower of the company would be targeting for office space for renting, Access sources said.
The initial debenture issue was 30 million Rated Senior Unsecured Redeemable debentures at a par value of Rs 100 each (Rs 3,000 million) with the option of accepting a further 20 million of the said debentures (Rs 2,000 million) at the discretion of the Board of Directors of AEL in the event of an over-subscription, Stock Market sources said.
AEL decided to exercise the oversubscription option and accepted a total of 50 million of the said debentures (Rs 5,000 million) as the initial issue was oversubscribed.
The keen interest in the market for the AEL debentures indicates the positive sentiment towards the company and the construction industry as a whole. The debentures are rated [SL] A+ by ICRA Lanka Limited with a positive outlook; and are to be listed on the Colombo Stock Exchange.
NDB Investment Bank (NDBIB) acted as the managers and financial advisors in both these issues. The success of this transaction is a testament to NDBIB’s leadership in the capital markets and its expertise in providing financial services to the construction industry in Sri Lanka.
www.island.lk
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