Sri Lanka’s Softlogic Holdings plans Rs7bn equity sale to cut debt

ECONOMYNEXT – Sri Lanka’s Softlogic Holdings, which has interests in hospitals, retail and finance said it was planning to raise 7 billion rupees from a placement of shares to Mauritius based firm, and cash call on shareholders in a bid to reduce debt.

The board of directors had decided to place 182.22 million shares with Samena Ceylon Holdings Ltd of Mauritius at 17 rupees a share, to raise 3.1 billion rupees. The new shares would be 19 percent of the existing share capital.

Shareholders will then be offered 230.8 million shares also at 17 rupees, at the rate of 24 for every 100 shares, to raise another 3.9 billion rupees.

The privately placed stock will also be entitled to the rights.

Softlogic said the cash from the share sales will be used to settle debt. (Colombo/Jan25/2018)

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