Business
Ex-Pack Corrugated Cartons going for IPO to raise funds for factory expansion
‘Ever-increasing demand for corrugated carton products’
By Hiran H.Senewiratne
Ex-Pack Corrugated Cartons Ltd. will go for an Initial Public Offering (IPO) which is to be closed on October 22. The aim of the IPO is to raise funds for a major factory expansion facility to cater to the ever increasing demand for corrugated carton products.
“It is with great pleasure that we welcome the public to consider joining us on our journey towards emerging as the most preferred corrugated cartons supplier in Sri Lanka. At present, our 295-strong team produces 2,650 metric tons (MT) of corrugated cartons per month at our 203,000 square-foot facility, Managing Director, Ex-Pack Corrugated Cartons Ltd. Zulficar Ghouse said.
Ghouse said the company has designed and implemented a comprehensive medium to long-term growth strategy, which includes a new, ultramodern Rs. 3 billion production plant, for which the company has already secured the bulk of funds internally and through debt financing. This new plant will almost double the company’s capacity to 4,000 MT by 2025.
The media conference to announce the IPO was held yesterday at the Cinnamon Grand Hotel, Colombo.
Ghouse added: “The estimated Rs. 700 million we intend to raise through our IPO will be channeled towards this effort, giving us maximum potential for growth. I take this opportunity, in advance, to welcome our new shareholders and thank all investors who subscribed for placing their faith in us.
“The company is planning to set up a new factory on a ten-acre land. The funds that are coming from the IPO will used for that purpose.
“The company’s prospectus has already been officially published on the website of the Colombo Stock Exchange (CSE). Ex-Pack is a wholly owned subsidiary of Aberdeen Holdings, previously known as Expolanka Investments, one of the most diversified of family businesses for over 30 years.”
“Managed jointly by Capital Alliance Ltd. and Asia Securities Ltd., Ex-Pack Corrugated Cartons is expected to offer 83,333,333 ordinary voting shares at a price of Rs. 8.40 per share through its IPO, resulting in a projected market capitalization of Rs. 2.8 billion. This translates into an estimated forward PER of 7.7x for FY22 and implied TTM PER (as at August 2021) of 8.9x, Senior Vice President- Head of Equity Capital Market Rizny Faisal said.
Ex-Pack Corrugated Cartons has spent over two decades in the packaging industry while acquiring an extensive clientele comprising corporates and brands from over eight countries. In Sri Lanka, Ex-Pack leads in production and exports which account for 52% of revenue being generated in US dollars. The company has emerged as a full-service corrugated cartons solutions provider, currently producing one out of every five cartons in Sri Lanka.
The company’s product portfolio includes regular slotted cartons, die-cut cartons, laminated cartons, and a host of specialized products developed using recycled material. Ex-Pack also worked with the Department of Elections of Sri Lanka in transforming ballot boxes by crafting them out of corrugated cartons during the 2020 general election. The company serves top corporate customers and sectors worldwide, including FMCG, consumer durables, apparel, tea, and fisheries.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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