Five year debenture issued by Sri Lanka’s Hayleys Group oversubscribed
A five-year debenture issued by Sri Lanka’s diversified Hayleys Group, with interests in export manufacturing, consumer durables and logistics, to raise Rs. 3 billion, has reportedly been oversubscribed.
The issue, which officially opened on Tuesday (20) was scheduled to be closed on Wednesday (21), the Company has been quoted as stating in a stock exchange announcement.
The basis of allotment is to be notified later.
According to reports, Hayleys has offered 20 million Rs. 100 senior bonds maturing in 2024, with an option to sell a further 10 million.
OSL take:
The oversubscription of the five year debenture issue of Sri Lanka’s Hayleys Group is indicative of the strength and growth of the country’s private sector. On the other hand it is a clear portrayal of the growth of Sri Lanka’s overall economy. The economic policies of the government of Sri Lanka and the business conducive environment that has been created as a result have helped build the country’s image as a business destination in the South Asian region. Of course Sri Lanka’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by the country have also added to the island’s attractiveness as a business destination. Foreign businesses/investors therefore continue to explore business/investment opportunities in Sri Lanka and debenture issues such as the one mentioned above provide the ideal platform for foreign investors to venture into the Sri Lankan economy. They could also look at the possibilities of forming business partnerships/joint ventures with local companies.
| Article Code : | VBS/AT/22082019/Z_3 |