Sri Lanka’s Luminex enters telecommunication engineering business in Oman.
Daily FT: Luminex PLC is to start operations in Oman in telecommunications infrastructure engineering business.
It is setting up a subsidiary with an investment of Rs. 100 million and becoming the majority shareholder with 70% shareholding and to complete the investment over 12 months.
Luminex Board of Directors are of the view that this overseas business expansion is in the best interest of the company and will derive maximum benefits to the shareholders of the company in future.
Luminex is a successful engineering company specialising in the fields of telecommunication, electrical, water, sewerage and civil construction. Having been incorporated in 1986, the company has developed expertise in the fields of electrical and telecommunication engineering by keeping abreast with the emerging trends in the relevant fields during the last three decades.
In FY22, Luminex achieved an annual revenue of Rs. 3.12 billion up 22% from the previous year and boosted total comprehensive income by 56% to Rs. 474.6 million. Sri Lanka Telecom continued to be its single largest customer contributing 53.9% of the turnover.
Luminex’s entrance into the Oman market is indicative of the strength and growth of Sri Lanka’s private sector, especially amidst challenging economic conditions experienced by the country. It is also indicative of the business conducive environment in Sri Lanka and the overall resilience of the country’s economy. Sri Lanka is also working towards becoming an emerging business destination in the South Asian region supported by the country’s geographical positioning in the Indian Ocean and the strong trade ties enjoyed by the country. The authorities have also formulated many incentive schemes for potential foreign businesses/investors interested in entering the country. Sri Lanka also provides the ideal location for foreign businesses to set up base in order to engage with the region. On the other hand, given the strength and growth of Sri Lanka’s private sector, foreign businesses/investors could explore the possibility of forming partnerships or joint ventures with local businesses with the aim of further expansion.
|Article Code :||VBS/AT/29122022/AT_3|