Sri Lanka's Raigam to Invest in Salterns and Chemical Plants

24th April 2010, www.dailynews.lk

After the successful completion of the initial public offering (IPO), trading of Raigam Wayamba Saltern shares will commence on April 29 at the Colombo Stock Exchange.

The funds raised through the IPO will be utilized to increase salt production and meet the country's salt requirements, said Raigam Group Chairman/CEO Dr. Ravi Liyanage.

Raigam will invest in three salterns in Tangalle, Trincomalee and Puttalam.

"We expect to complete the Tangalle Saltern construction soon. Seventy five percent of the work has been completed under this project. We have imported a refinery machine to the Saltern costing Rs.125 million," he told a press conference, yesterday.

"Wayamba Saltern is a subsidiary of Raigam Group and we will establish a chemical plant in Trincomalee with an invest of over Rs.500 million.

This will follow as the second phase of the Saltern in Trincomalee," he said.

He said this chemical plant will cater to the local and the export market.