Teejay Lanka PLC rang the opening bell to commence trading at the Colombo Stock Exchange (CSE) recently. The bell ringing ceremony was organised by the CSE to celebrate Teejay as the latest addition to the S&P Sri Lanka 20 Index.
The index includes the 20 largest stocks by total market capitalization, which meet the minimum size, liquidity and financial viability thresholds.
Teejay CEO and Managing Director Sriyan De Silva Wijeyeratne, CFO Salman Nishtar, COO Operations Pubudu De Silva, COO Marketing and Business Development Rodney Arland, COO Engineering, Planning and Special Projects Janaka Gamage, COO Commercial Moiz Rehmanjee and DGM Corporate Communications and CSR Samadhi Weerakoon were present at the ceremony while the CSE was represented by Chairman Vajira Kulatilaka, CEO Rajeeva Bandaranaike and the senior management.
Commenting on the prospects for the company and the industry, Wijeyeratne said, “The core fundamentals that impact our business are looking very strong for the longer term. We are very bullish about the prospects of the industry and to that extent, we welcome engagement with the stock exchange and investors, as we pursue to become a much larger, more significant business.”
While acknowledging that the listing sparked a thought process that helped the company to start thinking in a more corporate and global sense, Wijeyeratne stated that the capital market was a vital contributor to the organisation’s growth over the years.
Pointing out one such example he added, “When we set our sights on becoming one of the largest fabric manufacturers of South Asia, one of the tools we leveraged for our acquisition in India was shares, where 50 percent of that acquisition was through shares.
The fact that we were public gave the company the ability to leverage on the opportunity as part of our growth momentum. Currently we have invested in synthetic capabilities in Sri Lanka. The capacity expansion ongoing in India is the largest the group has ever undertaken and with GSP around the corner, we are gearing for the next wave of growth.”
Kulatilaka congratulated Teejay on the company’s rise and stated that both the exchange and investors alike have benefited by the presence of an emerging player in the manufacturing sector in the market.
He went on to add that the company’s listing helped enhance the CSE’s value proposition, by adding variety to the market and a considerable level of interest among investors.
Teejay is a producer of value-added knitted fabric, specializing in the manufacture of high-quality, well-knitted and dyed stretch fabrics.
The company is a major supplier to apparel manufacturers throughout Asia and end-chain leading retailers such as Victoria’s Secret, Intimissimi, Calvin Klein and Marks and Spencer.
One of the key milestones in its journey was achieved in August 2016 where the company was recognized by Forbes as one of Asia’s 200 best under a billion category.