Sri Lanka’s Hemas raises Rs4.1bn through Rights issue

COLOMBO (EconomyNext) – Sri Lanka’s Hemas Holdings PLC said its Rights issue raised 4.1 billion rupees of new capital to finance expansion plans in healthcare and personal care.

“The capital raised is one of the most significant on the Colombo Stock Exchange in recent years, with the majority of capital being raised from world leading institutional investors,” a statement said.

As a result of the Rights issue being fully subscribed to, the shareholding of the major shareholder, the Esufally family, reduced to 64.14 percent from 71.26 percent.

The family had previously announced they would not subscribe for their rights in this capital raising on which Hemas Holdings was advised by CT CLSA Capital (Pvt) Ltd.

This was in order to enable “reputed international institutional investors and domestic investors” who wished to become shareholders, or to increase their existing shareholding in Hemas.

 “We are working hard on achieving our vision of being the best at enriching lives through our activities in healthcare, personal care, leisure and transportation,” Steven Enderby, Group Chief Executive said

“We have made a number of key strategic moves recently through the acquisition of JL Morison which has enhanced our presence in pharmaceuticals, the development of our personal care business in Bangladesh and the opening of our third hospital, while divesting our shares in power.

“ It is important for us to have the capital base to continue this growth trajectory while becoming increasingly focused on our strong presence in healthcare and personal care.”

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