Waskaduwa Beach in Rs.788mn cash call to settle debts

6 July 2015 03:29 am - 0 - {{hitsCtrl.values.hits}}

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The board of directors of George Steuart Group subsidiary Waskaduwa Beach Resort PLC (CITW) announced that the company will be going for a Rs.778 million rights issue to settle outstanding loans.

One new share will be issued for every 2 currently held, for a total of 77.8 million shares valued at Rs.10 per share.

The current stated capital of CITW is Rs.1.58 billion, represented by 155.6 million shares.

The rights issue is subject to both shareholder and Colombo Stock Exchange approval.

As at end March 2015, CITW had Rs.2.04 billion in both long and short-term interest bearing loans and borrowings.

The company had an asset base of Rs.4.13 billion, while retaining losses of Rs.343.91 million.

For the quarter ending March 2015, which represented the final quarter of the first year of its operations, CITW posted a net loss of Rs.183.93 million. The revenue was Rs.145.47 million, with Rs.34.62 million in cost of sales, while administrative expenses amounted to Rs.244.32 million.

George Steuart Group subsidiary Citrus Leisure PLC owns 59.31 percent of the shares, while Dhammika Perera’s Vallibel One PLC and Royal Ceramics Lanka PLC collectively own 21.12 percent.

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Waskaduwa Beach in Rs.788mn cash call to settle debts

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