Jetwing Symphony issue oversubscribed
View(s):Jetwing Symphony PLC on Friday said its Rs.500 million rights issue was oversubscribed – receiving a total of Rs.600 million – on Wednesday when it was open for public subscription, giving a boost to the country’s tourism industry.
Jetwing Symphony PLC is a holding company which owns six Jetwing hotels – Jetwing Colombo Seven (Colombo), Jetwing Lake (Dambulla), Jetwing Yala (Yala), Jetwing Kandy Gallery (Kandy), Jetwing Kaduruketha (Wellawaya), and Jetwing Surf (Pottuvil).
The company decided to raise a total of Rs. 500 million through a rights issue of 100 million shares at Rs. 5 per share to rebalance leverage and stabilise the business in its post-pandemic revival.
Hiran Cooray, Chairman of Jetwing Symphony PLC said: “The high cost of borrowing today coupled with nearly four years of turbulence, made us unsustainable, and we required funding to retire part of the accumulated debt. The faith and commitment shown by both our Sri Lankan and international investors is highly appreciated as the tourism industry will play a leading role in taking Sri Lanka out of the current economic crisis.”
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