Wednesday 23rd June, 2010 5 Updates Odel IPO to fund expansion, retire debt Swiss mulled using force Odel’s earning per share was Sri Lanka’s iconic fashion retailer Odel is Rs. 1.1 for 2010, Rs. 0.3 for 2009, Rs. to free citizens in Libya offering a 11.5 percent stake through an Initial 0.5 for 2008, Rs. 0.6 for 2007 and Rs. Public Offering (IPO) to raise Rs. 250.5 million to 0.2 for 2006. GENEVA (AP) - Switzerland’s Swiss citizens, withdrew funds finance its expansion, but with an acid test ratio The company’s acid test ratios president said Monday that offi- from Swiss banks, stopped oil of 0.1 percent, the immediate use for the funds (Current assets less inventories, cials considered using force to shipments, reduced flights to divided by total current liabilities) free two Swiss citizens who were Switzerland, and detained would be to retire short term debt. indicate a liquidity problem at 0.1 detained in Libya for more than Hamdani and Goeldi on immi- percent for 2010, 0.2 percent for a year. gration charges. BY DEVAN DANIEL term debts 2009, 0.3 percent for 2007 and 0.2 Swiss media reported last Zurich daily Tages- while Rs. 150 percent for 2006. week that the Foreign Ministry’s Anzeiger, citing persons del yesterday (22), million would Odel’s earning per share was secret plans to use special forces familiar with the plans, announced its IPO of 16.7 be used to Rs. 1.1 for 2010, Rs. 0.3 for 2009, Rs. or intelligence agents to free reported that Swiss intelli- Omillion shares at Rs. 15 each fund Odel’s 0.5 for 2008, Rs. 0.6 for 2007 and Rs. businessmen Rachid Hamdani gence agents were twice to raise Rs. 250.5 million to finance expansion 0.2 for 2006. and Max Goeldi sparked contro- close to conducting a res- expansion activities and retire planned out of Odel CEO Otara Gunewardene, versy when they were disclosed cue operation that never short term debt. the 2010/11 who founded the retail chain after to the Cabinet. took place. Officials even The company sells clothing and accounting Otara starting out by selling export sur- Switzerland has a long-stand- considered flying the branded accessories to high-end year. plus apparel from the boot of her ing tradition of neutrality and men out with a small and middle class customers, about Odel’s net turn over has been station wagon twenty years ago, any discussion of military opera- plane or hiring a 60 percent of whom are locals, with growing consistently since 2006, said the company was bullish on tions is a sensitive topic in this British security compa- the brand being popular among vis- from Rs. 1.5 billion to Rs. 2.4 billion Sri Lanka with prospects looking nation of just 8 million, which ny to free them, the iting tourists. for the recently concluded 2009/10 bright after the end of the war. She has managed to stay out of newspaper reported. The IPO opens on July 05, after financial year. said the end of the war opened Europe’s many wars for almost The rescue plans were which the entire paid up share cap- Gross profits grew from Rs. many doors for many people. 200 years. never acted upon. Hamdani was ital of the company, amounting to 520.7 million in 2006 to Rs. 670.9 She said Odel sold its outlet in President Doris Leuthard acquitted and released in Rs. 114.95 million, would be listed million in 2008, before dipping Singapore because it wanted to condemned the leaks to the February.Goeldi was allowed to on the Diri Savi Board of the slightly to Rs. 636.8 million in 2009. focus more on expanding in Sri media but said officials had leave June 13 after serving a Colombo Stock Exchange. Its gross profit for the financial Lanka. She did not have definite rightly contemplated all options four-month sentence. Swiss President Doris Of the 16.7 million shares year ended 2010, amounted to Rs. plans in mind, but said the compa- to free the men. Leuthard provided no details offered to the public, 1.2 million 842.2 million. ny’s options were open as to when “That the relevant authori- Leuthard confirmed she con- of the plans, saying they con- would be offered to employees, Odel’s after tax profits for the and where it would open its next ties considered the possible use sidered using commandos to cerned “matters of highest secre- three million to retail investors and past six years have been volatile; store or whether or not it wanted to of security forces in a hostage free the detained businessmen. cy,”and declined to take ques- 12.5 million to non retail investors. Rs. 29.5 million in 2006, Rs. 74.9 mil- diversify. situation is correct and cannot tions after reading a brief state- lion in 2007, Rs. 66.5 million in 2008, Odel has 12 stores and plans on be criticized,” she said at a news “Retail investors are deemed to be Sebastian Hueber, a ment. Rs. 32.2 million in 2009 and Rs. 140.7 opening one more in Battaramulla conference in Bern. those who have applied for 5,000 spokesman for the Defense Despite having a large and million in 2010, the highest for the in July. Ms. Gunewardene said the The Cabinet was informed of shares or less. We are doing this so Ministry,declined to say whether well-trained army,Switzerland six year period. company was negotiating for space the plans on Feb. 3 and requested that small investors would not be the elite unit was part of the res- hasn’t gone to war since 1815. Its net profit margin (which to open an outlet in Kandy, but that the foreign and defense min- crowded out by bigger investors, be cue plan or had ever taken part A discussion paper leaked indicates how much of profit is later decided against the move. She istries provide a full report to the they individuals or institutions,” in an operation abroad. last month suggested the country generated by each rupee earned said the company’s focus for expan- government, said Leuthard. Channa Amaratunga, CT Capital, A parliamentary panel will should reduce the size of its through sales or revenue) in 2010 sion would be the Western “It appears that the operation the Lead Managers of the Odel IPO examine the rescue plans as part armed forces and concentrate on was 5.8 percent, up from 1.7 percent Province and would continue to was imminent,” Christian said. of a wider probe into the govern- providing security inside in 2009, 3.4 percent in 2008, 4.4 per- serve and target a mid to upper Democrat lawmaker Jakob He said Rs. 100 million would ment’s handling of what has Switzerland as well as assisting cent in 2007 and 1.9 percent in 2006. market. Buechler, head of parliament’s be used immediately to retire short become known as the Gadhafi humanitarian operations defense committee, told Swiss affair. abroad. news agency SDA. “This could Moammar Gadhafi’s son and Currently,all Swiss men are have ended in a total disaster.” BOC plans other debenture issues daughter-in-law were arrested in required to undergo army train- Green Party lawmaker Jo July 2008 for allegedly beating ing from the age of 19 and must Lang told SDA that a key ques- Coming off from a successful Rs. issue where we received more than Financial Review. their servants in a Geneva hotel. tion would be whether the plan perform regular reserve duty 5 billion debenture issue, state-owned Rs. 5.7 billion. We have returned the “We are planning other debenture The couple were later released merely involved Swiss intelli- until at least the age of 30. Until Bank of Ceylon is planning several excess funds and would soon issues which would be announced in without charge, but the incident gence agents or also included the recently every soldier - reservist more debenture issues in a bid to announce the allotment basis for the two to three weeks time. All these are sparked a diplomatic row army’s elite Reconnaissance or professional - was required to between Libya and Switzerland. finance various projects, a senior offi- Rs. 5 billion debentures,” Bank of intended to raise funds for various Detachment 10, which would be have a rifle at home in case of Tripoli suspended visas for cial of the Bank said. Ceylon Chairman Dr. Gamini development projects,” Dr. “serious.” foreign attack. “We had a successful debenture Wickramasinghe told The Island Wickramasinghe said. (DD).