John Keells Holdings is raising funds through a private placement for a maximum cumulative amount of the Sri Lankan Rupee equivalent of US$80 million to Asian Development Bank through the issuance of up to a maximum of 122,500,000 new ordinary shares of the company in two phases, collectively the “Proposed Private Placement”, which will be a maximum post-issue dilution of 8.5 per cent.
The Proposed Private Placement would be for an upfront issue of ordinary shares (“Initial Placement Shares”) for an initial issue size of rupee equivalent of $50 million (“Phase 1”), the company announced on Monday.
“At the time of issue of the Initial Placement Shares, the company will also issue to ADB non-tradable/non-transferable options (“Options”) which will entitle ADB, at its option and discretion, to subscribe for additional new ordinary shares of the company (“Option Shares”) within a period of 12 months from the date of subscription for the Initial Placement Shares, for an investment amount of up to the rupee equivalent of $30 million (“Phase 2”),” the statement said.
The issue of shares by way of the Proposed Private Placement is subject to the Securities Exchange Commission and the Colombo Stock Exchange approving in principle the issue and listing of such shares, the company obtaining shareholder approval at an Extraordinary General Meeting, approval of ADB’s Board of Directors and conformance with regulatory requirements, as applicable to the parties.
A Thai woman walking topless in Arugam Bay town has been arrested by the Police.
The UK government has unveiled a package of reforms to simplify imports from developing countries which allows for more garments manufactured in Sri Lanka to enter the UK tariff-free.
The Cabinet has approved a proposal for Sri Lankans overseas to apply for their passports through an online system via the Lankan diplomatic missions.
Villagers in Nirmalapura, Daluwa, Norochcholai today staged a protest over an incident where a group of Navy officials and sailors had assaulted a resident in the area over night, Police said.
A passenger attempting to smuggle the largest quantity of gold of 35 kilo grams was arrested by the Customs at the Bandaranaike International Airport (BIA) today, a senior official said.
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