E M L Consultants becomes first listed firm representing consultancy space on CSE

• Lists 90.9mn shares on Empower Board of CSE

E M L Consultants Limited commenced trading on the Empower Board of the Colombo Stock Exchange (CSE) yesterday.

The company listed 90,900,000 ordinary voting shares and has been classified under the Industry Group ‘2020 - Commercial and Professional Services’.

Commenting on the listing, CSE CEO Rajeeva Bandaranaike congratulated and welcomed the company to the Empower Board. 

“2021 has been a significant year for the primary market of the CSE, in terms of the capital that has been raised, as the exchange has facilitated over 30 new listings, amounting to nearly Rs.100 billion, surpassing the Rs.66 billion of capital that was raised last year.” 

E M L Consultants Limited Managing Director/Executive Director Avanthi Jayatilake welcomed the new shareholders via secondary market trading to the company.

“As an entity representing SMEs in Sri Lanka, I appreciate the work that the SEC and CSE have done by creating a dedicated listing platform for SMEs in the country. We chose the path to an introductory listing as opposed to an IPO because we are more interested in earning the status of a listed company, which will enhance our corporate image and reputation and that will improve our chances of securing projects internationally, with international donors. And certainly, at a later stage, we may look for further issuances of shares to raise capital, when we are ready to move to international competition,” he said.

“In conclusion, let me give an insight into the future business plans of the company. We certainly will be moving into the international business area, in the region first and then we can really look into the Pacific as well as South East Asia. We would also like to compete in all types of infrastructure projects, where we can collaborate with the investors and development partners. And let me finally invite the secondary market investors to purchase the shares of E M L Consultants Limited,” he added. 

Representing Atarah Capital Partners (Pvt.) Ltd, the manager to the introduction and sponsor of the listing, Managing Director Rohan Senewiratne noted, “There are few unique attributes on this listing. Firstly, there are no companies listed on the CSE, which are operating in the consultancy space. Therefore, congratulations to E M L Consultants Limited for setting the pace and I’m hopeful that other companies will follow suit. Secondly, E M L Consultants Limited is an SME sector company. One would agree that an SME, in its growth stage of business, would want to have an IPO and raise capital. However, EML instead decided to list by way of an introduction. The reason being, its long years of operating history required that it earns the status of being a listed entity, so that it would be on a better position, when it bids for local and international contracts in the consultancy space.”