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Sri Lanka Ceylon Theatres Holding to raise Rs.2.67 billion through rights and private placement.

Colombo, March 5 -- One of the oldest entertainment industry based listed companies, Ceylon Theatres Holdings (CTHR) has expressed its plans to raise Rs.2.67 billion rupees through a private placement with foreign funds and a rights issue to invest in leisure and real estate and repay debt of the company.

In a filling to Colombo Stock Exchange, CT Holdings said that on March 2 the board has decided to raise Rs.2,026,726,800 by issuing 9,651,080 shares at a price of Rs.210 per share via a private placement. Accordingly it said that out of the issued equity two million shares will be placed for CF Ruffer pacific Fund, 4.3 million shares will be allotted to CF Ruffer Total Return Fund and 3,351,080 shares will be placed at CF Ruffer Absolute Return Fund based in United kingdom.

The statement further noted that each of above issued shares will be held through the nominee of the custodian, whilst the funds are managed by Ruffer LLP an asset manager headquartered in United Kingdom.

Meantime, company also said that it is going to make a rights issue of just 3,097,253 shares at Rs.210 per share on the basis of one share for 55 shares held by existing shareholders to raise Rs.650.42 million. However it also stressed that the investors in the private placement would not be eligible for the rights issue.

Company in its statement noted that stated capital as at 31 December 2010 was Rs.516.9 million of 170,348,920 ordinary shares.

However, since the last quarter of 2010, Cargills Ceylon PLC which is a 69.98% owned subsidiary of Ct Holdings with a 130.72 million stated capital (224 million shares had been aggressively expanding through buying out 81.72% stake of Kotmale Holdings PLC, and investing Rs.1.4 billion in McCallum Breweries (Ceylon) (Private) Limited, McCallum Brewing Company (Private) Limited and Three Coins Company (Private) Limited and a further Subsidiary company Cargills Quality Foods (Pvt) Limited, acquired 100% of the issued share capital of Diana Biscuits Manufactures (Pvt) Ltd on 24th November 2010 for a sum of Rs.352 million. In another development subsidiary Parquet (Ceylon) PLC acquired a controlling interest amounting 62% of Ceylon Aluminium Industries Ltd on October 2010.

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Publication:Asian Tribune (India)
Date:Mar 5, 2011
Words:419
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