Aitken Spence Hotels announced on Tuesday that it was launching a 1-for-4 rights issue for its shareholders aimed at raising Rs 2.5 billion to fund new projects and expansion of its existing properties in a sector that is growing after the end of the conflict.
The company, part of the Aitken Spence conglomerate, said in a statement to shareholders that they would be entitled to one share for every four shares held, with 9.6 million shares being offered at Rs 260 each. Under this development, Neptune Hotel at Beruwala will be turned into a Ayurveda and Wellness Resport; a new boutique hotel will be built on the south west coast with an international operator; for hotel projects in the north and the east, and hotel invesments in India and Sri Lanka, the statement said.
It said shareholders have been notified of an Extra-ordinary General meeting (EGM)on March 30 to seek approval for a February 17 decision made by the board of directors. The shares will be available at the end of trading on March 30. |
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