Listing through introduction, not IPO - Nimal Perera books tidy profit selling Delmege stakeJuly 23, 2011, 6:24 pm
Mr. Nimal Perera, billionaire Dhammika Perera’s investment advisor and a key board member of several Dhammika controlled companies, has sold out the 10 percent stake of Lewis Brown and Co. Ltd., holding company of Delmege Forsyth Ltd., the old established unquoted blue chip Dhammika Perera recently acquired.
``I sold my 10% for Rs. 316 million to LR Global taking a 25% profit on what I paid for the shares,’’ Nimal Perera said yesterday. ``Channa de Silva, CEO of LR Global, has been given a board seat at Lewis Brown.’’
De Silva was a former Director General of the Securities and Exchange Commission.
Nimal Perera who is the new Managing Director of the Delmege Group, holds the CEO position at Royal Ceramics where he is Deputy Chairman and non-executive board seats at Hayleys, LB Finance etc.
Dhammika is the biggest single shareholder of Hayleys, where he was elevated to Deputy Chairman last week, while Vallibel One he controls has 51% of Royal Ceramics and LB Finance, 15% of the Sampath Bank and 100% of Greener Waters, a resort hotel project.
Nimal Perera said yesterday that preparatory work for listing Delmege, whose name will be changed to Delmege PLC upon being quoted on the CSE was now proceeding but they were not doing that through an Initial Public Offer (IPO).
``We’ll be doing it through an introduction because IPOs are now losing steam,’’ he explained.
When the Dhammika Perera group acquired Lewis Brown and thereby Delmege, the Dhammika-controlled Vallibel One bought 51%, Royal Ceramics 20%, Dhammika himself 10%, Nimal Perera 10%, Tharana Thoradeniya 5% and A.M. Weerasinghe 4%.
Analysts expect the pre-introductory placements to aim at the same price that Mr. Nimal Perera achieved in disposing of his 10%. Perera himself did not indicate the price beyond revealing his own sale price for the 10% block disposed.
Nimal said they want to take the Delmege name which was well established. Lewis Brown was less well known, he pointed out.