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SLT shares: counting overnight till today

by Ravi Ladduwahetty

There was a unprecedented response to the landmark Sri Lanka Telecom (SLT) Initial Public Offer, the biggest of its kind in the annals of the Colombo Stock Exchange which opened yesterday, where the manual counting was expected to go on till the wee hours of today.

There were 17,000 applications from Colombo as at 5 pm yesterday and 8000 applications whose values had been ascertained had accounted for Rs. 1.8 billion, corporate sources told the Daily News last night.

The highlight of the issue was that 10 of the 21 Singapore and Hong Kong based foreign Fund Managers who expressed interest in the issue during the road show in those two countries, had subscribed for US 7 million (around Rs. 672 million) worth of shares in a vote of confidence in the Colombo bourse with the Government's peace process widely believed to be on the right track.

These numbers were without the outstation applications which were expected to be received today.

The Government is divesting 216,583,200 shares at Rs. 15 (Premium of Rs. 5). In the event of an oversubscription, the Government could use its discretion of selling an additional 3 per cent stake amounting to 54,145,800 shares which will raise Rs. 4 billion. The issued capital of SLT is 1,804, 860, 000 shares.

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