Ceylon Glass announces Rs 750 mln rights issue

Ceylon Glass Company PLC has announced a rights issue to raise Rs 750 million to part finance the Company’s relocation and expansion project at Horana.

The company said shareholders will be offered five ordinary shares for every seven ordinary shares at a price of Rs. 1.90 per share.

The company also announced the appointment of Ranjith Fernando, former CEO NDB as a director to the Board. With this appointment, the board will comprise V. Shah – Chairman, S. Tiwari - Managing Director & CEO, N. Santhanam, M. R. Prelis (former CEO DFCC), Dr. C. T. S. B. Perera and Ranjit Fernando.

The company also recently bagged the Gold Award under the Consumer Packing Category at the awards of the Institute of Packaging - Sri Lanka. This award was received in recognition of the development of the unique 750 ml. blue Antiquity liquor bottle. “This bottle has been developed by the company for one of the largest liquor manufacturers in the world. Ceylon Glass is presently the only manufacturer in South East Asia who has the capability to produce this kind of coloured bottle,” a company statement said.