Micro to be listed within 2 years

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By 2017-04-21

By Ishara Gamage

Micro Holdings, the holding company of the only national car manufacturer, Micro Cars Limited, is to be listed on the Colombo Stock Exchange within two years.

Chairman and CEO of Micro Holdings and Micro Cars Ltd Dr. Lawrence Perera disclosed these plans speaking to Ceylon FT at a press conference held to announce a Foreign Direct Investment by SK Group, South Korea's 3rd largest multinational, in Micro Holdings (Pvt) Ltd.
SK Group, a Fortune 500 company and the market ... eader in the fields of chemical, petroleum and energy in South Korea, plans to buy a 25% stake in Micro Holdings within 5 years.

Dr. Perera said the high cost of borrowing was the main reason the company had to turn to foreign investors.
"Bank loans are very costly. That is why we have invited foreign investors to invest in our company," he said.
Speaking about the investment, he said that the initial investment will be in the company's main subsidiary, Micro Cars, after which it will be directed towards its petroleum and construction operations.

He added that the current production capacity of Micro Cars is around 40 cars per day and that he expects to boost that figure to 200 – 300 over the coming years. Thereafter the company plans to export cars to South Asian countries such as Bangladesh and Nepal, before looking westward to Europe.
Addressing the press conference SK Networks Senior Vice President C H Lee said that SK would initially invest 3 million and gradually work up to a total investment of 20 million. He also said that this is the first time SK is investing in South Asia.



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