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Myland Developments debuts trading on CSE

29 Dec 2021

Myland Developments Ltd. commenced trading on the Colombo Stock Exchange (CSE) yesterday (28) and shares have been listed on the Diri Savi Board of the CSE under the “Real Estate Development” sector. The occasion was marked with a special bell ringing ceremony. Speaking at the event, Myland Developments Chairman and Independent and Non-Executive Director W.D. Premachandra commented: “Even though Myland Developments has a shorter history, we have many success stories to share. Among those, we consider this IPO (initial public offering) and the listing the most valuable event we have achieved in our short history. This is all because we wanted to become a responsible corporate citizen. “When we list the company, we know that regulators will be vigilant about the things that we do. More importantly, the investors will be watching what we do, and the market will reflect the value of the things we do. We consider this a great opportunity for us to manage our company in the right direction. This is the main reason for us to list the company in the market.” Atarah Capital Partners, the financial advisors and managers to the issue, was represented by Founder and Managing Partner Rohan Senewiratne. The CSE was represented by Chief Executive Officer (CEO) Rajeeva Bandaranaike and Chief Regulatory Officer Renuke Wijayawardhane at the event. Bandaranaike, speaking at the ceremony, congratulated Myland Developments on its initiative to go public. He said: “Myland Developments has demonstrated promising growth in the industry and the steps that the company has taken towards listing are commendable to expand the company’s business interests. The real estate industry is witnessing impressive growth and it is important to have listed companies representing the industry, as the real estate sector is somewhat underrepresented in the market capitalisation of the CSE.” Commenting on the event, Premachandra thanked the Securities and Exchange Commission (SEC), the CSE, Atarah Capital Partners, Sampath Bank, and their lawyers and auditors for the support extended during the IPO. Speaking on the listing experience, he added: “We are in a better position to leverage and negotiate better with banks and landowners to sell when we buy. So, it’s a great advantage we have. Finally, I must thank all those 2,884 investors who have placed confidence in us and our company for investing in this IPO.” Representing Myland Developments were Premachandra, Managing Director and Executive Director Nalin Perera, Executive Director Iresha Dissanayake, and Independent and Non-Executive Director Ajith Alahakoon. Mylands Developments Ltd. engages in the development and sale of lands for residential and commercial purposes. The company was founded in 2017 with a vision to provide affordable lands to Sri Lankan citizens to build their desired property.


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