Sri Lankaâ€™s Vidullanka issues shares to Timex
ECONOMYNEXT – Sri Lankan mini hydro power firm Vidullanka Plc said it plans to issue new shares to Timex Garments (Pvt) Ltd. in a private placement that will partly fund the acquisition of a 6.5MW minihydro power plant in Uganda.
A stock exchange filing said Vidullanka will issues 9.1 million ordinary shares to raise Rs50 million at around Rs5.48 – the three months volume weighted average market price – with a minimum price of Rs 5 per share.
The funds are to be used as part settlement of the cost of buying Timex Bukinda Hydro (U) Ltd. which has got all approvals except a power purchase agreement for the 6.5MW Bukinda small hydro power plant.
The share issue would result in the current stated capital of Vidullanka of Rs1.27 million increasing by 3.9% and a maximum 1.34% increase in the number of shares in issue.
(COLOMBO, Feb 27, 2017)