Sri Lanka Renuka Holdings Rs1.3bn Rights oversubscribed

COLOMBO, Dec 03, 2014 (EconomyNext) – Renuka Holdings said its Rights issue for 1.03 billion rupees to fund a property project in the Si Lankan capital Colombo closed on 28 November after being oversubscribed.

The company offered a total of 44,517,313 ordinary voting shares at 21 rupees each and 6,428,415 million ordinary non-voting shares at 15 rupees each.

The funds are to build Renuka Tower, a 28-storey tower providing ‘A’ grade office facilities built on company land at Galle Face Terrace and Sri Uttrananda Mawatha, Colombo 03.

Renuka Holdings Group is a big exporter of value-added coconut products and has made big investments in its food and beverage sector over the last few years.

Group subsidiary Shaw Wallace Ceylon is the largest importer of Sri Lanka’s Captain and Plaza brands of canned fish. The firm has invested in a fish processing plant, which commenced operations recently.

Group sales in the 2013-14 financial year were 7.2 billion rupees from over 71,000 outlets in Sri Lanka and 61 export markets.

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