Swedish Fund Doubles Stake In Windforce Ltd
Posted 18,June

By Chaveendra Dunuwille

In Local News

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Windforce Ltd, co-founded by the Akbar Brothers and the Hirdarmani Group is  widely considered as Sri Lanka’s largest non-renewable energy provider saw an  increase in confidence in foreign investors as the Sweden based Tundra  Sustainable Frontier Fund with an investment of over LKR 600 million doubled  its stake in the company from 2.5% to over 5.5%.  

The CEO of the Swedish fund which entered Windforce via its highly successful Initial Public Offering which saw the company earn LKR 3.2 billion via the trade  of 202.6 million shares states Windforce to be a “pretty amazing company” emphasizing on the companies diversified energy portfolio which includes hydro,  wind as well as solar power plants. The investment in Windforce’s IPO marked  the funds first investment in a Sri Lankan IPO. 

Yesterday the Colombo Stock Exchange saw a rare trigger of net foreign inflow  into the stock market with the Swedish Funds investment. Accounting for 49%  of the trades the 106.5 million shares of Windforce exchanged hands for LKR  1.94 billion. Through the 641 trades the stock price closed at LKR 18.80, 20  cents lower than its previous value. 71.3 million shares out of the total 106.5  million were executed via six crossings.