|Friday, 27 August 2004|
Nawaloka Hospital to go ahead with major expansion program
by Bharatha Malawaraarachchi
Sri Lanka's flagship private hospital Nawaloka said that it would go ahead with its major expansion program following the recent Initial Public Offering of Rs. 300 million worth of shares. "It was a huge success," Deputy Chairman of Nawaloka Hospital Jayantha Dharmadasa told a press briefing on Wednesday adding that they were now in the process of making allocations.
Shares worth Rs. 300 million on offer under Nawaloka's Initial Public Offering had been oversubscribed within several hours on the first day itself. The 15 million shares on offer was priced at Rs. 20 each.
Hospital's Director/ General Manager Prof. Lal Chandrasena attributed this achievement to the confidence the public had in the Nawaloka Hospital in particular and in the health-care industry in general.
The funds will be channelled as part of an expansion program which will see Nawaloka re-setting the benchmark that it set since its launch 18 years ago. The expansion drive is expected to cater to the escalating countrywide demand for quality healthcare services.
"Of the total, Rs 200 million will go towards settling debts and loan commitment. It would save a large amount of money being spent on loan interests and that capital could be utilised for the hospital's improvement," he said.
The remaining Rs 100 million will be utilised to construct a five- storeyed building."It will help to increase the facilities. Generally, it will improve the quality of the services."
He said those who applied for 1,000 shares will get the full allotment while those who applied for 1,000 to 10,000 shares will get 70 percent," he said.
Besides, those who applied for 50,000 - 500,000 will get 38 per cent while those who applied for over 500,000 will get 27 per cent."Apart from that, employees will get 10 per cent and medical practitioners will be given 10 per cent. "The proposed five-storeyed building will have the out patient treatment unit. This will release the rooms in the existing structure. Nawaloka Hospital will also set up a training institute in collaboration with the Manipal Institute of Higher Education.
"This would be BOI project and it will be medical training centre for nurses and medical technicians catering to local and foreign requirements," he added.
The Nawaloka group of companies employ over 4,500 staff and is the first and only hospital in Sri Lanka to have received the National Quality Award for large scale service and ISO 9902. Nawaloka has performed over 5,000 cardio thoracic surgeries with an unsurpassed success rate resulting in an annual turnover exceeding Rs. 1 billion.
In 1986 Nawaloka broke new ground with the setting up of Critical Care Units at its inception in 1986.
Over the years they have established Medical Intensive Care, Surgical and Coronary Care and Cardiac Intensive Care Units.
The Sri Lanka Heart Association for outstanding contributions to Cardio Vascular Surgery also recognised Nawaloka.
The hospital has a modern Operating Theatre Complex of six theatres built and equipped to international standards, with specialised theatres for Cardiac, Orthopaedic, Neuro and General surgery.
Produced by Lake House