Sri Lanka Browns Beach in Rs1.4bn rights issue as new hotel building costs rise

ECONOMYNEXT – Sri Lanka’s Browns Beach Hotels said it plans to raise Rs1.4 billion through a rights issue to reduce debt and fund escalating building costs of a new hotel in Negombo.

The company will issue 54 million new ordinary shares, with five new shares for every 12 existing shares at Rs25.85 each, a stock exchange filing said.

The current stated capital of the company is Rs2.4 billion made up of 129.6 million ordinary shares.

The rights issue is subject to approvals by the stock exchange and shareholders.
(COLOMBO, August 23, 2016)

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