HomeSinghe Hospitals debuts today on CSE
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First Guy- Posts : 2599
Join date : 2014-02-22
Singhe Hospitals debuts today on CSE
Tue Apr 21, 2015 7:19 am
First with an IPO in 2015, Singhe Hospitals Ltd. will debut today on the Colombo Stock Exchange.
The company managed to conclude its Rs. 250 million IPO using the full quota of days in March despite bearish sentiments. It offered 25% stake or 100 million shares at Rs. 2.50 each. The Issue opened for the public on 12 March and closed on 30 March.
The IPO drew 497 applications requesting 107 million shares worth Rs. 267.4 million. The basis of allotment was 100% allocation up to eight million shares applied and a minimum of eight million shares plus 95.05% of the balance shares applied if original application is for over eight million shares.
Security code assigned is SINH-N-0000 with 398.225 million shares listed.
Situated in the heart of Ratnapura, Singhe Hospital is a BOI-approved project started in December 2009 and enjoys a five-year tax holiday. The first private hospital to be established in the Sabaragamuwa District, Singhe Hospital reportedly records 15,000-20,000 patient visits monthly.
Of the Rs. 250 million IPO, Rs. 140 million will be used to partially settle the loans obtained from Bank of Ceylon and Rs. 30 million to settle the bank overdraft facility. This will enhance earnings per share and the net asset value of the company with 100% savings due to tax-free BOI project.
Balance funds will be directed towards the purchase of medical equipment, including new laparoscopy and mammography machines, in addition to the planned expansion of lab facilities, the establishment of an eye surgical unit, construction of a new car park and the purchase of fresh pharmaceutical and lab stocks.
As per the share valuation prepared by B.R. De Silva & Co. Chartered Accountants included in the prospectus for prospective investors, free cash flow valuation stood at Rs. 2.59 per share whilst the price to book value valuation stood at Rs. 1.73 per share.
Singhe Hospitals posted revenue of Rs. 164 million as at 31 March 2014, up from Rs. 33.3 million in 2013. The company incurred finance costs of Rs. 51.9 million, up from a previous Rs. 50.6 million leading to a Rs. 131.6 million loss for the year, as compared with a loss of Rs. 107.9 million in 2013.
Notably, total comprehensive income for the year declined sharply to Rs. 37.1 million boosted significantly by a Rs. 94.5 million gain on revaluation of land and building in 2014. Basic loss per share stood at Rs. 4.69, against a previous Rs. 7.19 per share.
http://www.ft.lk/2015/04/21/singhe-hospitals-debuts-today-on-cse/
The company managed to conclude its Rs. 250 million IPO using the full quota of days in March despite bearish sentiments. It offered 25% stake or 100 million shares at Rs. 2.50 each. The Issue opened for the public on 12 March and closed on 30 March.
The IPO drew 497 applications requesting 107 million shares worth Rs. 267.4 million. The basis of allotment was 100% allocation up to eight million shares applied and a minimum of eight million shares plus 95.05% of the balance shares applied if original application is for over eight million shares.
Security code assigned is SINH-N-0000 with 398.225 million shares listed.
Situated in the heart of Ratnapura, Singhe Hospital is a BOI-approved project started in December 2009 and enjoys a five-year tax holiday. The first private hospital to be established in the Sabaragamuwa District, Singhe Hospital reportedly records 15,000-20,000 patient visits monthly.
Of the Rs. 250 million IPO, Rs. 140 million will be used to partially settle the loans obtained from Bank of Ceylon and Rs. 30 million to settle the bank overdraft facility. This will enhance earnings per share and the net asset value of the company with 100% savings due to tax-free BOI project.
Balance funds will be directed towards the purchase of medical equipment, including new laparoscopy and mammography machines, in addition to the planned expansion of lab facilities, the establishment of an eye surgical unit, construction of a new car park and the purchase of fresh pharmaceutical and lab stocks.
As per the share valuation prepared by B.R. De Silva & Co. Chartered Accountants included in the prospectus for prospective investors, free cash flow valuation stood at Rs. 2.59 per share whilst the price to book value valuation stood at Rs. 1.73 per share.
Singhe Hospitals posted revenue of Rs. 164 million as at 31 March 2014, up from Rs. 33.3 million in 2013. The company incurred finance costs of Rs. 51.9 million, up from a previous Rs. 50.6 million leading to a Rs. 131.6 million loss for the year, as compared with a loss of Rs. 107.9 million in 2013.
Notably, total comprehensive income for the year declined sharply to Rs. 37.1 million boosted significantly by a Rs. 94.5 million gain on revaluation of land and building in 2014. Basic loss per share stood at Rs. 4.69, against a previous Rs. 7.19 per share.
http://www.ft.lk/2015/04/21/singhe-hospitals-debuts-today-on-cse/
sereneTop contributor
- Posts : 4850
Join date : 2014-02-26
Re: Singhe Hospitals debuts today on CSE
Tue Apr 21, 2015 7:49 am
Thanks 1st G.
How this works.
" Singhe Hospital is a BOI-approved project started in December 2009 and enjoys a five-year tax holiday".
Tax holiday is over or what ??
How this works.
" Singhe Hospital is a BOI-approved project started in December 2009 and enjoys a five-year tax holiday".
Tax holiday is over or what ??
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