Connect with us

Business

Historic SME IPO expected to take Chrissworld’s success to next level

Published

on

Christopher Perera, Managing Director Chrisslogix greets Rohan Senewiratne – MD Atarah Capital Partners, after announcing the Chrissworld SME IPO to be issued by CSE’s SME Board on April 27, 2021. Chrissworld Director Suraj Suraweera and Atarah Cpital partners’s Vice President Chandana Wijesundara are also in the picture.

 

by Sanath Nanayakkare

Clearing the collateral -driven capital raising barriers for Sri Lanka’s dynamic small and medium enterprises (SMEs) that are deeply woven into Sri Lanka’’s economic and social fabric, country’s maiden SME IPO is to be issued by warehousing/logistics solutions company Chrissworld Ltd, on April 27, 2021, to raise capital to enhance its operational capacity and profitability.

Chrissworld’s maiden listing on the SME-specific Empower Board of the Colombo Stock Exchange (CSE) has been endorsed by the Securities and Exchange Commission (SEC) after ‘strenuously’ engaging for seven months with Atarah Capital Partners (Pvt) Limited, – manager to the Issue of the maiden SME IPO.

The Empower SME Board of the Colombo Stock Exchange is a crucial platform designed to help smaller companies attract investment, and also for investors looking to invest in companies that are in their initial growth stages and are governed properly.

Christopher A.M. Perera, MD at Chrissworld said,” SMEs are the backbone of the Sri Lankan economy accounting for a majority of enterprises providing half of national employment and contributing to over 50% of the GDP of the country. The logistics business which we are in, requires a lot of capital for machinery, rental deposits and even for putting up our own fully fledged warehouses. We realized that we were supporting the banks to be on top of the business ratings when we borrow from them. Banks are making so much money from interest payments. And we are contributors to their big profits.. This opportunity that has been given by the SME Empower Board of the CSE for SMEs to go public has been very encouraging as we can raise capital at lower cost. Thus the initial thinking that we will never go public and we will always be a public company has changed. We are confident of the potential and the sustainabilty of the warehousing business. Warehousing segment is very sustainable because clients don’t easily change. The IPO will enable us to take Chrissworld to a different level. We can implement a lot of plans we have in our minds upon the successful conclusion of the IPO.There is a lot of potential in the warehousing side and professional storage solutions.

‘Our parent company Chrisslogix covers international trade, customs clearance, transportation and together with Chrissworld which offers warehousing services, we can offer total solutions to customers across the board. Then we want to look at sustainable business verticles like pharmaceuticals, medical equipment and food and beverage industry. Chrissworld will also invest in advanced technology, high tech solutions to deliver its services at an optimum level. We are a profit making company and we are a making a value proposition to the investors through this IPO,” he said.

Suraj Suraweera , Director- Chrissworld said,.”We not only want to raise capital without paying bank interest, we also want to consolidate our good governance practices in the process because that will help us atttract more customers and increase our business.”

Details of the offer

Offer for Subscription of Seven Million Five Hundred Thousand (7,500,000) Ordinary Voting Shares at LKR 7.50 per Share to raise a total sum of Sri Lankan Rupees Fifty Six Million Two Hundred and Fifty Thousand (LKR 56,250,000)

 

 



Continue Reading
Click to comment

Leave a Reply

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

Business

Dialog Enterprise with Fortinet strengthens the security of its Managed SD-WAN Service for Sri Lankan Enterprises

Published

on

Dialog Enterprise, the corporate solutions arm of Dialog Axiata PLC, announced the strengthening of its Flexnet managed SD-WAN service leveraging the Secure SD-WAN solution from Fortinet, a global leader in cybersecurity with broad and integrated solutions.

Dialog Enterprise pioneered the Sri Lanka’s first Managed SD-WAN service with the release of its Flexnet offering since September 2019. Two years after, most modern organisations are embracing digital acceleration, driving demand for greater agility in networks in order to stay competitive and deliver superior customer experiences. With the scale and variety of cyber threats continuing to grow, Dialog Enterprise enhances its Flexnet service with the Fortinet Secure SD-WAN. Fortinet Secure SD-WAN accelerates network and security convergence, aims at simplifying WAN architecture, and securing work-from-anywhere new normality with embedded ZTNA (zero-trust network access) Access Proxy for explicit per-user application access controls. It delivers integrated security and safer access to internal and external data and applications wherever they are residing, on-premises, or in the cloud.

By integrating Fortinet Secure SD-WAN solution to its Flexnet managed SD-WAN service, Dialog Enterprise will enable its customers the ability to cost-effectively eliminate security gaps in their network while gaining the benefits of advanced routing and self-healing WAN capabilities to ensure superior quality of experience for their users, and an increased business uptime. Additionally, an improved connectivity and user experience can be achieved through an integrated security by prioritizing network traffic and reduced latency. As well as the benefit of an integrated security by prioritizing network traffic is achieved by offering, unified thread management, SSL inspection and proactive security threat prevention.

“With the recent shift to remote working, cloud adaptation and SaaS usage accelerating SD-WAN adoption with organizations, many of our customers in the government, finance, retail, services and manufacturing industries will benefit from Dialog Enterprise’s Managed SD-WAN based on the Fortinet Secure SD-WAN solution. It provides us with an integrated, one-stop management and orchestration console to ensure that connections, configurations, advanced routing features and protections are easily configurable. Being the only Fortinet Managed Security Service Provider in Sri Lanka, we have already been able to provide Secure SDWAN solutions with Fortinet in over 1000 locations across the island.” said Navin Pieris, Group Chief Officer – Dialog Enterprise at Dialog Axiata PLC.

Continue Reading

Business

SLT-MOBITEL completes first phase of Amazon Alexa integrations for Home Broadband customers offering exciting digital lifestyles

Published

on

The first phase of fully integrating Amazon Alexa for SLT-MOBITEL Home Broadband customers was successfully concluded recently. Now customers can seek help from Amazon’s virtual smart assistant Alexa and obtain a range of information on SLT-MOBITEL services such as Voice, Broadband, PEO TV services etc. ensuring subscribers experience exciting new intelligent built digital lifestyles.

Pictured Dilshan Boteju, Chief Executive Officer of The Connection Workshop, handing over the report on the concluded project to Prabhath Dahanayake, Chief Marketing Officer SLT. Also present were Lathika Weerasinghe, Administrative Coordinator, Anup Silva, Lead Developer Alexa program of The Connection Workshop, Ayoma Wickramaarachchi, Deputy General Manager, Product Development & Management of SLT, Ruwan Rekogama, Engineer-Product Development & Management of SLT.

Continue Reading

Business

Loops wins big at SLIM DIGIS

Published

on

Award-winning creative-led integrated marketing agency, Loops Integrated, received 6 recognitions, including a Gold, at the SLIM DIGIS Awards, held on the 25th of January 2022. Loops Integrated received the only Gold DIGI in the Banking and Finance category for Softlogic Invest’s “This Could Be You” campaign, a Silver DIGI in the Performance Marketing category for British Council’s IELTS programme, and another Silver DIGI in the Best Use of Branded Content category for Sri Lankan Airlines. In addition to these three prestigious awards, Loops Integrated also received 3 finalist awards for the Banking & Finance, Performance Marketing and Best Use of Branded Content categories.

Discussing the awards, CEO at Loops, Wasaam Ismail said, “We work with our clients as partners, therefore it’s important to say a big thank you to them for having faith in us and letting us take their campaigns to town. Putting together creative-led campaigns amidst working from home during periodic lockdowns is nothing short of a herculean undertaking, which would not have been possible without our stellar team. Therefore, I must also acknowledge and appreciate our exceptionally talented, committed, dedicated and mind-blowingly fun team here at Loops, without whom none of this would be possible. A big thank you also to SLIM for ensuring that digital marketers in Sri Lanka have a national platform upon which to be recognized.”

The SLIM DIGIS awards is organized by the Sri Lanka Institute of Marketing (SLIM) and recognizes and celebrates Sri Lanka’s best digital marketing work, innovation and talent. SLIM is the national body for marketing in Sri Lanka and the SLIM DIGIS is among Sri Lanka’s most prestigious awards programmes that recognize innovation and budding talent in the digital marketing space.

Loops is an award-winning Creative Led Integrated Marketing Agency with operations in Sri Lanka, Qatar, Malaysia & Australia. The agency has worked with over 250 brands in 15 countries and has over 50 awards for its efforts in creative and digital excellence, awarded by both international and local bodies. Visit www.loops.lk to learn more.

Continue Reading

Trending