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Friday January 21st, 2022
Markets

Sri Lanka’s JKH to raise US$80mn from ADB

ECONOMYNEXT- Sri Lanka’s John Keells Holdings said it will raise the rupee equivalent of 80 million US dollars from the Asian Development Bank by private placement of a maximum of 122.5 million shares which will dilute the existing share by up to 8.5 per cent.

In the first phase, ordinary shares would be issued for 50 million US dollars. In the second phase options would be issued ADB allowing to get shares within 12 months for 30 million US dollars, JKH said in a stock exchange filing.

On the date of the subscription, shares would be issued at the prevailing date.

The money could be used to finance dollar commitments of the West Container Terminal, the Cinnamon Life project as well as the expansion of the Keells supermarket chain, Deputy Chairman Gihan Cooray said. (Colombo/Nov23/2021)

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