Rights Issue by John Keells Hotels
The Board of Directors of John Keells Hotels PLC (KHL) has resolved
that, subject to shareholder and approval Colombo Stock Exchange, a
Rights Issue of one (1) Ordinary Share will be offered, for every three
(3) Ordinary Shares at a price of Rs 10.00 per share. The Directors of
the company have resolved that the price of Rs. 10.00 per share is fair
and reasonable to the company and to all existing shareholders. The
total number of shares to be issued is 364,036,695. The current stated
capital of the company is Rs.5,859,879,989/-.
The proceeds of the Rights Issue will be utilised to fund the
refurbishment of hotels in Sri Lanka as well as for new hotel projects
and for the acquisition of land for new resort hotels. The Rights Issue
is subject to the Exchange approving in principle the issue and the
listing of shares and obtaining shareholder approval at a General
Meeting.
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