Renuka Group successfully raises Rs.1 bln to fund property development project
View(s):Renuka Holdings PLC’s rights issue to raise Rs. 1.03 billion for a new property development project was oversubscribed with company officials said the development reflected the confidence of the shareholders in the organisation.
The company had offered a total of 44,517,313 ordinary voting shares at Rs.21 each and 6,428,415 million ordinary non-voting shares at Rs. 15 to fund “The Renuka Tower”, a modern 28 storey tower providing ‘A’ grade office facilities built on company owned land at Galle Face Terrace and Sri Uttrananda Mawatha, Colombo 03.
The Renuka Holdings PLC Group is Sri Lanka’s leading exporter of value-added coconut products and has significantly invested in its food and beverage sector over the last few years. Through its subsidiary Shaw Wallace Ceylon Ltd, the group is the largest importer of Sri Lanka’s two leading brands of canned fish, Captain and Plaza, which provided the right platform for it to invest in a fish processing plant, which commenced operations recently.