CSE announcements
View(s):ETI Finance to get US$ 100 mln foreign equity investment
ETI Finance Ltd., the parent company of Swarnamahal Financial Services Plc., is to receive US$ 100 in equity investment from Australia and the Central Bank has approved the proposal to inject this cash as share capital, the company has said in a stock market filing. This capital injection, expected to be from institutional investor/s from Australia, with whom the EAP Holdings under whose broader ambit comes both SFS and ETI, has strong links is mandated to be completed by February 28. The deal is part of the overall restructuring process of ETI and SFS as well as EAP Holdings that began last year.
Orient Finance Rs. 1bln IPO oversubscribed
Orient Finance PLC’s Rs. 1.07 billion Initial Public Offering (IPO) has been oversubscribed and closed, the company announced.
Blue Diamonds to call an Extraordinary General Meeting
Blue Diamonds is to call an Extraordinary General Meeting to obtain approval to use part of their Rights Issue funds to pay staff salaries and the company has said that some major shareholders agreed to allocate funds for working capital requirements including salaries and welfare, factory maintenance, electricity, water and to clear bank draft.
Objectives of the Rights Issue were establishment of Rs 50 million R&D Unit, establishment of Rs 30 million Global Design Centre, Rs 50 million investment in new machinery, Rs 30 million for International Trade Fair and Rs 89 million investment in inventory. So far the company has utilised Rs 55 million for the above objectives. “However Rs.33 million of the Rights Issue proceeds had been so far utilised for working capital requirement and a further Rs.26 million will be required for future,” the company said.