Kalamazoo Systems announces Rs.1.5bn rights issue

6 September 2016 12:01 am - 0     - {{hitsCtrl.values.hits}}

A A A

Kalamazoo Systems PLC yesterday said it was planning to raise Rs.1.56 billion through a rights issue, subject to shareholder and the Colombo Stock Exchange approval. 


To this end, the company plans to issue three million new shares at the proportion of 60 shares for every one share held at a price of Rs.520 per share.


The current stated capital of the company stands at Rs.500,000 and the existing number of shares at 50,000.

The company expects to utilize the rights issue proceeds to “make an equity investment in Renuka Development Limited to finance the working capital and future investments.”


Renuka Holdings PLC this July acquired 68.65 percent of Kalamazoo Systems PLC from high-net-worth investor Nimal Perera in a Rs.490 million deal.


Following the obligatory mandatory offer, Renuka Holdings said it held just over 70 percent of the issued shares of Kalamazoo PLC.


In the meantime, Kalamazoo yesterday announced a new director board headed by Shamindra Rajiyah as its Executive Chairman. 

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

  Comments - 0

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

 

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




Pad politics is back

In November 2019, in the run up to the Presidential election, Sri Lanka debat

ANYTHING FOR MONEY

Some unregulated online lenders are remotely taking control of phones of thos

Frontline cops charge negligence by high-ups worsened police cluster

The police have done an invaluable service in the frontlines to combat the CO

US Vice President-Elect Kamala Harris’s Key Sri Lankan Tamil Aide

An overwhelming feeling of relief has descended upon the world-not merely th

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.