Drive Green To Go Public
CleanCo Lanka, the operators of the Drive Green Vehicle Emission Testing Centers, have announced their strategic intent go public in Sri Lanka with a listing on the Colombo Stock Exchange tentatively planned for 2010.
Bahrain-based MTI Consulting's Corporate Financial Advisory Unit has been appointed to advise the company on gearing up to go public, managing the entire project including the listing and share issue process.
Drive Green presently operates 50 state-of-the-art testing stations around the island including 10 Mobile Units that are fully geared for vehicle emission testing. The company hopes to rapidly expand its network in 2010.
We started our operations as early as July 2008 with 15 state-of-the-art drivegreen testing stations covering all provinces of the country except for the North.
With four provinces under the program now, we operate in 38 locations of the country and still expanding. We use testing equipment supplied by Environmental Systems Products, USA, a pre-eminent vehicle emissions testing equipment manufacturer as well as testing station operator, in the world General Manager of CleanCo Joel Peter said. CleanCo is a joint-venture managed by Hydropower International and Akbar Brothers Limited, whilst being promoted by the Industrial Service Bureau.
All vehicles in Sri Lanka need to have their emission certified before they can obtain their annual revenue licence. CleanCo was appointed as an authorized agency for implementing this program. There is a high incidence of respiratory disease caused by air pollution in Sri Lanka, particularly among our young
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