(LANKAPUVATH | COLOMBO) – Chrissworld PLC rang the opening bell to commence trading at the Colombo Stock Exchange (CSE) on the 30th August 2022 to celebrate their remarkable achievement after being listed on the Empower Board of the CSE.
Representing Chrissworld PLC, the Chairman Mr. Christopher A. M. Perera, the CEO/Managing Director, Mr. Suraj Suraweera, Executive Director Mr. Sithira Wickramasekera, and the Manager to the Issue and Sponsor, Atarah Capital Partners Managing Director, Mr. Rohan Senewiratne, were present at the event. The CSE was represented by the Chairman, Mr. Dilshan Wirasekara, the CEO, Mr. Rajeeva Bandaranaike, and its senior management.
While congratulating Chrissworld PLC for the Company’s milestone, the Chairman of the CSE, Mr. Dilshan Wirasekara stated, “Chrissworld PLC has set an example for other SMEs by showing the achievement the company gained by listing on the CSE; accessing the capital and scaling up the business and growing, which is the dire need of the economy in Sri Lanka today.”
In terms of the company’s overseas business expansion plans. Mr. Wirasekara added, “Export companies are really the backbone that keeps this economy growing today and that CSE could also play a part in that growing path and assist in the capital raising needs of the company.”
Speaking at the ceremony, Chrissworld PLC Chairman, Mr. Christopher A.M. Perera, thanked and appreciated the CSE for the opportunity given to list their company on the Empower Board of the CSE.
“Before the listing took place, we had a lot of concerns, but after much deliberation, we were convinced this is a good move.” Mr. Perera added, “The biggest challenge we had was funding; the financial cost was a huge challenge. Divesting shares to the public tremendously helped us to reduce our interest cost. Had we not gone for listing, we may have been severely impacted by the current interest rates. We have doubled our profits from 2021 to 2022 even though the economic conditions in the country are not very conducive for growth.”
“Further because of the PLC status we gained a lot of recognition and admiration, locally as well as internationally; We have got opportunities where companies want to invest with us.” He also mentioned that countries like China and India are interested in Sri Lanka’s logistics industry and that Sri Lankans must put their hand up to grab potential opportunities.
He further added that Sri Lanka needs revolutionary innovations in logistics and Chrissworld PLC is committed to be a part of that revolutionary change. He expressed his confidence in Mr. Suraj Suraweera, the Managing Director and his team to take the company on a rapid growth path.
Commenting on the company’s milestone, the Manager to the Issue of the IPO, Atarah Capital Partners Managing Director, Mr. Rohan Senewiratne, said, “Chrissworld PLC successfully outperformed our valuation forecasts that were depicted in the Research Report of the Prospectus. The topline forecast for FY 20/21 was LKR 237 million whereas Chrissworld PLC ended up with LKR 264 million turnover, whilst the net profit forecast was outperformed by 40%. This was amidst COVID-19 related lengthy lockdown in the country. In FY 21/22, yet again the topline forecast was outperformed by 80% and the net bottom line forecast was outperformed by 32%.”
While congratulating on the company’s achievement, Mr. Senewiratne also added that Chrissworld answered the critics very well; that SMEs should not be listed in the CSE and they should depend only on banks for funding. He further said “following the path of Chrissworld PLC, three more SMEs successfully listed on the “Empower Board” during FY 21/22. I believe more SMEs will take this path in the future, to raise equity capital rather than solely depend on debt capital.”
He also mentioned that it was a great privilege for Atarah Capital Partners to list the first company on the Empower Board of the CSE and also emphasized the importance of Sri Lanka recommencing State Development Banking to support the SME sector which accounts for over 60% of the GDP.
Chrissworld PlC is a member of the Chartered Institute of Logistics & Transport, Sri Lanka, managing over half a million square feet of space. The company is renowned in the industry for its dynamism and above-par warehouse management processes.
