Myland Developments Limited debuts trading on the CSE

Podium Participants (L-R): CEO of the CSE, Rajeeva Bandaranaike; Chairman/Independent/Non-Executive Director of Myland Developments Limited, W. D. Premachandra; Managing Director/Executive Director of Myland Developments Limited, Nalin Perera; Executive Director of Myland Developments Limited, Ms. Iresha Dissanayake; Independent/Non-Executive Director of Myland Developments Limited; Ajith Alahakoon; CRO of the CSE, Renuke Wijeywardhane; and Managing Partner of Atarah Capital Partners, Rohan Senewiratne.

The shares of Myland Developments Limited (CODE: MDL-N-0000) commenced trading on the Colombo Stock Exchange (CSE) yesterday, December 28. The 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.

Representing Myland Developments Limited, Chairman/Independent/Non-Executive Director, W. D. Premachandra; Managing Director/Executive Director, Nalin Perera; Executive Director, Ms. Iresha Dissanayake; Independent/Non-Executive Director, Ajith Alahakoon joined the event.

Financial Advisors & Managers to the issue, Atarah Capital Partners was represented by Managing Partner, Rohan Senewiratne.

The CSE was represented by Chief Executive Officer, Rajeeva Bandaranaike and Chief Regulatory Officer, Renuke Wijayawardhane at the event.

CEO of the CSE, Rajeeva Bandaranaike, speaking at the ceremony, congratulated Myland Developments on its initiative to go public.

“Incorporated in 2017, 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 capitalization of the CSE,” he said.

Speaking at the event, Chairman/Independent/Non-Executive Director of Myland Developments Limited, 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 and the listing the most valuable event in our short history we have achieved. 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 that 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”.

Commenting on the event, Mr. Premachandra thanked the SEC, 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, “With this investor funds what we have now, 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”.

Mylands Developments Limited engages in the development and sale of lands for residential and commercial purposes. The company was founded with a vision to provide affordable lands to Sri Lankan citizens to build their desired property.

Colombo Stock Exchange (CSE):                                                           

The Colombo Stock Exchange (CSE) operates the only stock market in Sri Lanka and is responsible for providing a transparent and regulated environment where companies and investors can come together. The CSE is a company that is limited by guarantee established under the Laws of Sri Lanka.

The CSE is licensed by the Securities and Exchange Commission of Sri Lanka (SEC) and is a mutual exchange consisting of 15 Members and 13 Trading Members. All Members and Trading Members are licensed by the SEC to operate as Stockbrokers. For more information, please visit: