Raigam Group looking at listing | Daily News

Raigam Group looking at listing

Diversifying to the tourism sector
Chairman Dr. Ravi Liyanage, CEO Ganaka Amarasinghe and Director Dr. Sampath Amaratunga at the media conference. Picture by Thushara Fernando
Chairman Dr. Ravi Liyanage, CEO Ganaka Amarasinghe and Director Dr. Sampath Amaratunga at the media conference. Picture by Thushara Fernando

The diversified Raigam Group will look at a Colombo Stock Exchange listing soon, said its Chairman Dr. Ravi Liyanage.

He said that they have several companies and would look at one of them to be listed. “We also want to rest and give more administrative powers to new people who would get involved in the company.”

He said that Raigam Wayamba Salterns PLC (RWSL) is already listed and they were planning a rights issue. “However due to delays which I do not want to go into detail, we have now decided to fold up this.”

The Chairman recalled that over a decade ago salt was imported despite Sri Lanka being an island. “We requested the government for protection and tax for salt imports and when this guarantee was given, we invested in salterns and today we are proud to say Sri Lanka is self sufficient in salt. We are also happy that we were one of the pioneers to lead Sri Lanka towards self sufficiency in salt.”

He said that today over 10,000 are dependent on the industry as there are also several individuals who manufacture salt as a cottage industry.

Asked if they were looking at exports, he answered in the negative and said that they cannot compete with India. “Their labour is cheap and most importantly their climate is ideal to produce salt.”

He however said that today chlorine, chemicals to manufacture soap and HCL are being imported and since there will soon be a surplus of salt they will look at manufacturing these in Sri Lanka.

He also predicted that soon the country will move in to use of powered salt and move away from crystal salt like in European countries as it is more hygienic.

Raigam Group is the country’s second largest salt producer after the state among the seven major players. It was a pioneer to begin production of Pure Vacuum Dried (PVD) salt at their plant in Palavi in Puttalam.

CEO Ganaka Amarasinghe said that the company profits too are on the increase and their turnover was around Rs. 340 million.

Director Dr. Sampath Amaratunga said they will also look at diversifying to the tourism sector and try to introduce tourism near salterns which have unique scenic locations especially in the Eastern Province. 


 

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