Pelwatte Sugar PLC, a sugar cultivating, manufacturing and marketing company, in a statement to the Colombo Stock Exchange on Friday has said that it is delaying its proposed Rs. 306 million rights issue in view of proposed, new legislation pertaining to the take over of several former state-owned companies including Pelwatte.
On 9 September, the company said that its directors approved the 1:4 right issues of some 16.9 million shares at Rs 18 per share through a resolution. Pelwatte, now controlled by businessman Harry Jayawardena’s Distilleries Company, was to use these funds to increase the capital, considering that the net assets are less than half of the stated capital as at 31 March, 2011. |
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