Connect with us

Business

Myland to debut on CSE today

Published

on

Real Estate Developer, Myland Developments Limited (MDL) will begin trading on the Colombo Stock Exchange from today.

The Company opened its IPO on December 8, and was oversubscribed in a matter of hours receiving 2,884 applications which resulted in an oversubscription rate of 6.7 times.

The company offered 6,250,000 ordinary voting shares to the general public via the IPO, which amounts to 17% of the company. The remaining 83% of shares are locked in for a period of 1 year from the date of listing ie: until 28th December 2022.

Shares were offered at LKR 12 per share at the IPO. MDL IPO received a large number of retail applications, which caused an oversubscription rate of almost 4 times in the retail category and it also attracted applications from domestic institutions and high-net-worth individuals (HNWIs) which resulted the non-retail category to be oversubscribed nearly 10 times. Applications were also received by Unit Trusts which have minimum 500 unit holders, accordingly 625,000 shares were allotted to this categoory.

The Manager to the Issue was Atarah Capital Partners, which successfully listed Chrissworld PLC and EML Consultants Limited earlier this year.

The successful conclusion of MDL IPO makes it the first ever real estate sector player hailing from Gampaha District to be listed on the Colombo Stock Exchange, allowing the public to invest in companies having regional business presence. The real estate sector which usually has high demand from the domestic clientele, potentially Sri Lanka’s most promising sector for future growth.

Speaking about the conclusion of the IPO, Myland Developments Chairman and Independent Non-Executive Director Premachandra said: “It’s indeed an honour to lead MDL into the arena of raising capital through public equity issuances. This has allowed us to reduce the overdependence on Bank funding. The IPO paved the way for us to maintain a healthy capital structure in the future with both equity and debt capital.

MDL Managing Director Nalin Perera stated “I take this opportunity to thank all our new investors for placing their trust and belief in us and we look forward to having them on board.



Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Dr RAD Jeewantha named most innovative dentist of the year

Published

on

Dr Jeewantha receiving the award

Dr. R. A. D. Jeewantha was honoured as the Most Innovative Dentist of the Year at the Business World International Awards, 2025. Organised by the Business World International Organisation, the award ceremony was held recently at the Mount Lavinia Hotel. A graduate of the Faculty of Dental Sciences, University of Peradeniya, Dr. Jeewantha has built a reputation as one of Sri Lanka’s most respected and forward-thinking dental surgeons. After gaining vital experience in Government hospitals, including the Teaching Hospital in Karapitiya, he also served at a leading private hospital before launching his own practice—Doctor J Premium Dental Care in Delkanda, Nugegoda.

His dental clinic is known for offering advanced, patient-focused treatments in restorative dentistry, cosmetic procedures, and implantology, using state-of-the-art technology. Dr. Jeewantha is especially skilled in dental implants, having completed the American Residency Course in Dental Implantology at Roseman University, accredited by the American Academy of Implant Dentistry. Dr. Jeewantha holds fellowships from the International College of Continuing Dental Education (FICCDE) and the Pierre Fauchard Academy (USA). His advanced skills include modern root canal treatments using Mineral Trioxide Aggregate (MTA) for both surgical and non-surgical procedures.

He has completed international trainings in digital dentistry, full-arch implantology techniques like All-on-Four and Zygomatic Systems, and smile design using digital 3D scans. He has participated in global dental events such as the Asia-Pacific Dental Congress and completed training at institutions including the University of Manchester and North Western State Medical University in Russia. His courses have covered everything from intraoral scanning to managing tooth wear. He has previously received many local and international awards. Dr. Jeewantha also serves the community as a Justice of the Peace for All Island.

Continue Reading

Business

IIHS Foundation in Biological Studies offers fast-track route to global health careers

Published

on

The Foundation in Biological Studies at IIHS provides a unique alternative for students looking to fast-track their health careers after their Ordinary Level (O/L) exams. This programme offers a direct route to global health careers, bypassing traditional A/Ls. With over 1,000 students already advancing to universities in Australia, the UK, and Finland, IIHS has positioned the course as a reliable launchpad for careers in fields like medicine, nursing, biomedical sciences, and digital health. “This programme is a game-changer, offering a transformative journey into global healthcare education,” said IIHS CEO Dr. Kithsiri Edirisinghe.

Continue Reading

Business

Seylan Bank Reports Strong Growth in Q1 2025 Financials

Published

on

Seylan Bank has recorded a Profit before Tax (PBT) of LKR 4,199 million in Q1 2025, marking a 13.36% growth compared to LKR 3,704 million in Q1 2024. Profit after Tax (PAT) rose by 20.29%, reaching LKR 2,761 million, up from LKR 2,295 million in the corresponding period of 2024.

Despite a decrease in net interest income by 8.37% due to market interest rate reductions, the bank’s net fee-based income grew by 13.83%, driven by fees from loans, cards, remittances, and other services. Total operating income for the quarter was LKR 11,258 million, a 3.83% decrease from the previous year, while operating expenses rose by 4.62%, largely due to increased personnel and other operating costs.

Impairment charges were significantly reduced by 83.17%, totaling LKR 262 million, reflecting the bank’s solid credit quality and proactive provisions. The bank’s impaired loan ratio improved to 1.98% from 2.10% in Q1 2024, with a provision cover ratio of 80.74%.

Seylan Bank’s total assets grew to LKR 785 billion, with loans and advances reaching LKR 469 billion and deposits totaling LKR 647 billion. The bank’s capital adequacy ratios remained strong, with the Common Equity Tier 1 Capital Ratio at 13.67% and Total Capital Ratio at 17.64%.

In addition to its financial performance, Seylan Bank continued its commitment to education, opening 16 more “Seylan Pahasara Libraries,” bringing the total to 281 libraries across the island.Fitch Ratings upgraded Seylan Bank’s National Long-Term Rating to ‘A+(lka)’ with a Stable Outlook in January 2025, further underscoring the bank’s financial stability and growth trajectory.

Continue Reading

Trending