EML Consultants to become second listed entity on CSE’s Empower Board

• To offer 91mn shares by way of an Introduction 
• Eyes overseas expansion following CSE listing 
• Says listing would enhance recognition while elevating its risk management
• Also plans private placement and rights issue later on to raise funds 

By Nishel Fernando 

Sri Lanka’s top consultancy service provider, EML Consultants Limited is set to become the second listed entity on the Empower Board of the Colombo Stock Exchange (CSE), as it gears to list 90.9 million voting shares of the company by way of an Introduction in the final week of September.

The CSE on Friday announced that it had given necessary approval for the proposed listing in principle.
EML has emerged as one of the leading and most diverse consultancy firms in the country covering a wide spectrum of services over a span of less than two decades by implementing over 300 projects in  a multitude of sectors funded by key foreign donor agencies, including the Asian Development Bank (ADB), World Bank, UNDP, UNFCC, UNICEF, UN HABITAT, USAID, JICA, CIDA and GIZ. 

Entering into the next growth phase of the company, EML Consultants Limited Managing Director Avanthi Jayatilake told Mirror Business that the company is preparing to expand into Maldives, Bangladesh South-East Asia and Pacific Islands following the proposed listing on CSE in later this month.

He noted that the proposed listing would enhance the recognition of the firm while elevating the its risk management profile ahead of overseas expansion.

The reference price is set at Rs.2 per share for the upcoming listing.

In addition, the company is also planning to raise funds via private placement followed by a possible rights issue later on. 

Atara Capital Partners which successfully facilitated the first listing on the Empower Board is representing the company as the managers for the proposed listing. 

Meanwhile, revenue of the firm averages to around Rs.200 million per annum over the recent years with around 10-20 percent of the income coming in foreign currencies.

Some of the key projects completed by the firm include Strategic Environmental Assessment of the Cauvery Basin, EIA for Lakvijaya Power Station, ADB-funded 100MW wind power park, AIIB-funded Metro Colombo Solid Waste Management Project and EIA for 100MW solar power park in Monaragala.

Jayatilake noted that the company has been able to maintain a stable order book for the period until end end-2022 despite the pandemic impacts. 

EML is a member of National Chamber of Commerce, and is also a registered specialized technical service provider to the Central Environmental Authority (CEA), Board of Investment (BOI) and some government agencies.