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  • Empower Board

    Four firms in talks to list on CSE’s Empower Board

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    Four companies are in discussions with sponsors regarding going public on the brand new listing platform ‘Empower’ launched last July to develop the Small and Medium Enterprises (SME), by the Colombo Stock Exchange (CSE) and Securities and Exchange Commission (SEC).

    Officials said CSE will also continue to create awareness on Empower Board’s listing opportunities around the country through a series of events and direct approaches in 2019.

    As a result of the many awareness forums across the country in the past months, there are now eight sponsors or firms who aim to assist entities listing on this board.

    BDO Consulting (Pvt) Ltd, Acuity Partners (P) Ltd, Merchant Bank, First Capital Ltd, CT CLSA Capital (Pvt) Ltd, Softlogic Capital PLC, Navara Capital Ltd and Bank of Ceylon have registered with the CSE as sponsors that are parties approved by CSE as an individual or organisation with expertise in the area of listings on the stock exchange and corporate finance.

    The sponsor will help SMEs obtain an optimum value for their business and make a strong investment case to local and international investors.

    Each company applying to list on the Empower Board must appoint a sponsor to make the application to list securities. Empower is aimed at companies which have at least Rs. 25 million in capital, are at least two years old and have clean audit reports.

    In addition to the sponsor, the listing process will also pave the way for SMEs to engage with a number of other credible capital market stakeholders.The CSE says that this is imperative to usher in an economically strong, politically stable, socially responsive, Sri Lanka.

    A SEC official told the Business Times that their regional SME forums held during the past three months in Anuradhapura, Kurunegala, etc to educate entrepreneurs in these regions about Empower were successful.“We saw some small firms wanting to discuss listing on Empower with the assistance of the sponsors.” He also added that since the first Regional Educational Campaign at Anuradhapura last July, things are now swiftly moving towards sponsors assisting potential listings on Empower.

    A CSE official noted that four clusters that can assist them to broad base Empower were identified – the accounting professionals, the chambers, the Bank of Ceylon (BoC) and People’s Bank (PB) and the donor agencies.

    He also said that all investment banks, commercial banks, chartered accountants or any retired banker, groups of people such as single practitioners or firms who can play the role of a sponsor who will evaluate the eligibility of an enterprise to be listed should register with the CSE as sponsors.

    “Also we will work with the chambers. The BoC and the PB which have more than 1,200 branches can mobilise their existing borrowers to be potential candidates for the SME board,” he added.

    “The SME Board of the Colombo Stock Exchange can play a crucial role in enabling such young companies to take their first steps into capital markets and raise equity funding to grow to the next level,” the CSE official added.

    “Apart from access to capital, the new listing platform will offer SME opportunities to build credibility through disclosure of information and balanced governance standards, which would enhance their visibility and attract strategic investors,” he said.


    http://www.sundaytimes.lk/190120/bus...rd-330649.html
    Last edited by kasper; 01-20-2019, 05:49 PM.

  • #2
    Thank you Kasper and welcome to TEC.
    "The best values today are often found in the stocks that were once hot and have since gone cold"

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