Sri Lanka’s only car manufacture, Micro Care Limited is to float at an Initial Public Offering to raise Rs. 1.5 billion. This is to raise funds for their proposed car assembly factory which is being built at Hambantota. “We have obtained all the necessary approvals to launch this IPO, said Chairman CEO, Micro Cars, Dr. Lawrence Perera.
Micro Cars was established in 1999 and all the Micro vehicles are manufactured to world-class standards using components sourced from global leaders. The local value addition for the production is around 30%. The locally assembled cars also exported to Bangladesh and Nepal.