Vidullanka announces dividend distribution and a rights issue of Non-Voting Shares

Vidullanka PLC has announced an interim dividend distribution of 10 cents per share and a rights issue of non-voting shares on disclosures made on the Colombo Stock Exchange (CSE). 
Accordingly, the company is set to distribute a sum of Rs. 83.7 million to the shareholders and proposed to raise Rs.250.2 million equity share capital by way of non-voting shares, subject to CSE approval, it said in a media release.
The proposed issue of non-voting shares is priced at Rs.3.50 per share, a 41% discount from the one-month volume weighted average market price of the ordinary share of the company.
The company reported a Profit After Tax of Rs. 196 million for the first six months of the financial year compared to Rs. 52 million for the corresponding year-ago period and Rs. 362 million for the financial year ending 2019/20. Having a strong presence in renewable power generation with an installed capacity of 36.7MW, comprising 32.7MW in Hydro power generation, 3.3MW in Dendro Power generation, the company last week announced its entry into the solar power generation, through the commissioning of a 515kWp rooftop solar power plant in the premises of Diamond Cutters Limited in Panadura Industrial Zone. In July 2020, the company commissioned its second hydro power plant in Uganda, Bukinda SHPP with an installed capacity of 6.5MW in Kibale district, amidst the challenges posted by the Covid19.