PCH set to become Sri Lanka’s first listed IT company
July 21, 2010 03:34 pm
PC House Limited (PCH) announced its Initial Public Offering, after having received approval from the Colombo Stock Exchange (CSE) to reach out to the public for equity funding.
The approval will enable PCH to issue 57,233,334 shares at Rs. 11 each, to raise a total of Rs. 629,566,674 which will amount to 25% of the total equity of the company. This IPO by PCH is a lucrative opportunity for the investing public to participate in the IT industry and share in the company’s future success.
Commenting on the announcement of the IPO, the Chairman of PCH, S.H.M. Rishan said, “PCH will be the sole listed IT company in the CSE upon successful completion of the IPO. Participation in our IPO will be a path-breaking opportunity for the investing public. As a powerhouse in the realm of IT, PCH is at the forefront of bringing all emerging technologies to the country and we are confident that this IPO will be well received by the public and fuel a new chapter in our company.”
The PCH IPO will propel industry growth by leveraging on the strong performance of the country’s capital markets. PCH is a leading IT solutions provider offering consumers and various institutions (corporate, SME and public sector) the best in computers, accessories and IT-based solutions, with an innovative product portfolio and unparalleled after sales service through an island- wide branch network. PCH’s widespread network comprises of 13 regional offices in the country, including one in Jaffna, along with 14 state-of-the-art stores in Colombo. A strong customer-oriented culture and a professional team of IT experts are the strategic pillars of its success.
The past few months have been eventful for the company, as the IPO comes close on the heels of the strategic re-branding exercise that PCH undertook recently, which witnessed a brand change to ‘PCH’. This move signified the transformation of PCH into a provider of a comprehensive range of IT-based products, serving all segments of the market, namely, consumers, SMEs, corporate bodies and public sector institutions.
The Chairman went on to reiterate his faith in the growth prospects for Sri Lanka’s IT industry, “The government-led initiative to put IT education at the forefront will ensure rapid industry growth in the years to come. The deployment of IT in the world of business coupled with the decreasing costs of connectivity will add further impetus to the booming IT industry, and this IPO will empower PCH to be at the forefront of this IT boom. The proceeds of the IPO will be used to finance the rapid expansion of our current business, investment in two new businesses, namely, the BPO and IDC arms, and to retire some existing expensive debt capital.”
PCH’s dominant presence in the hardware and software market, its rapidly enhancing stature as a provider of corporate and business solutions (through its subsidiary, Greenwich Lanka Private Limited), its new Business Process Outsourcing (BPO) business and its planned Internet Data Centre (IDC) business, will give PCH the ability to meet all client requirements from all market segments. PCH is happy to announce commencing its BPO business and will be shortly expanding its portfolio in this field.
Investors can gain further information about the PCH IPO from our Prospectus, copies of which can be obtained at any of PCH’s Offices throughout the Island, at all NDB Bank branches, at the NDB Investment Bank office, and, it could also be downloaded from the websites of PCH (www.pch.lk), NDB Investment Bank (www.ndbib.com) and the Colombo Stock Exchange (www.cse.lk).
PC House Ltd was incorporated as a limited liability company in the year 2000, after having commenced business in 1997. Its Board of Directors consists of Messrs S.H.M. Rishan, Mangala Boyagoda, Sarath Wikramanayake, Modarage Thilakasiri, Shanti Kumar Nadarajah, Kuvera de Zoysa and Mrs. Sharmila Rishan.