Sri Lanka’s Hemas in Rs4.2bn cash call, priced close to market

COLOMBO (EconomyNext) – Sri Lanka’s Hemas Holdings Plc, which has interests in leisure, pharmaceuticals, logistics and consumer goods has made a 4.1 billion rupees cash call on shareholders for expanding its core business.

The group said in a stock exchange filing it would offer one share for every nine existing shares at 72 rupees each. A total of 57,254,513 new share would raise 4.1 billion rupees.

The proceeds of the issue will be used to "pursue strategic investment opportunities in the core sectors of the group," the company statement said.

Hemas Holdings closed Friday at 85 rupees, about double the price a year ago.

Analysts say the pricing of the shares, which is not discounted too much from the may indicate the presence of strategic investment interest.

Hemas group recently sold off its power unit and is focusing on its fast-moving consumer goods, healthcare, hotels and transportation sectors.

It has said it aims to grow in the FMCG market in Bangladesh.

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