HNB Investment Bank facilitated the sale of a controlling 58% stake in Alpha Fire Services PLC, marking a significant milestone in the company’s growth and strategic direction.

Overview of Alpha Fire Services

Alpha Fire Services PLC (AFS), a prominent player in the fire safety industry, was established with a mission to provide comprehensive fire protection solutions. Following its historic listing on the Empower Board in May 2022, AFS experienced significant growth, demonstrating strong operational performance and increased investor confidence. The company's market capitalization, which began at Rs. 32.3 million, grew to over Rs. 500 million within a short span, showcasing its remarkable potential and market presence.

Initially, AFS had a limited public float, with only three shareholders, but through strategic initiatives such as a successful Rights Issue, the company significantly increased its public shareholding, nurturing a broader base of investors. As of March 2023, the NAV of AFS rose dramatically to Rs. 184 million, reflecting the company’s successful path toward sustainability and profitability.

Industry Overview in Sri Lanka

The fire safety industry in Sri Lanka has gained increasing attention in recent years, driven by rising awareness of safety standards and regulations. Companies in this sector are now prioritizing innovative fi