Jetwing Symphony Hotel group to raise up to Rs. 900mn in IPO



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Hiran H.Senewiratne


Sri Lanka's Jetwing Symphony Limited (JSL), one of Sri Lanka's leading hotel companies will go for an Initial Public Offering (IPO) on 14th December in a bid to raise between Rs 753 million to Rs 904 million. The company intends to offer 50.218.856 ordinary shares to the public, its chairman Hiran Cooray said.


" These funds will be mainly used for the development of JSL's latest properties in Kandy and Potuvil and some of its money will be utilized  to settle outstanding debt that run into Rs 300 to 400 million." Cooray said at a media briefing held at Jetwing Colombo Seven hotel yesterday.


He said that ISL would function as Jetwing group's investment arm for the future. Its current portfolio includes Jetwing Yala, Jetwing Kaduruketha at Wellawaya, Jetwing Lake Dambulla, Jetwing Surf Pottuvil Point. Funds raised from the IPO will go towards adding a property in Kandy- Jetwing Kandy Gallery towards re-balancing the overall gearing mix in some of its properties , he said.


"Sri Lanka's tourism and leisure sector in growing rapidly and moving beyond that we have plans to penetrate into oversea market to open hotels in Cambodia, Laos and Myanmar, which show enormous potential", he said.


"JSL's current portfolio of hospitality properties offer eco friendly enriched experience to Sri Lanka's booming tourism industry. Our properties are also strategically located across the island to take advantage of the newest travel demand providing travellers a holistic and truly Sri Lanka experience," he noted.


JSL recorded a commendable revenue growth of 44.5 percent to 734.7 million during the financial year 2016/17 in comparison to the Rs 508.4 million during the previous financial year.


 
 
 
 
 
 
 
 
 
 
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