Hemas Holdings PLC said yesterday the Rs.4.1 billion rights issue proceeds will be utilized to expand its healthcare and personal care businesses.
Mirror Business previously reported that Hemas was eying a hospital buyout in Bangladesh.
The company said the majority of the capital raised through the rights issue was from world leading institutional investors.
Given the interest shown by both foreign and local investors, the major shareholder Esufally family didn’t subscribe to their rights entitlements.
As a result, the company said the Esufally family’s interest in the company has been reduced to 64.14 percent from 71.26 percent.
“We are working hard on achieving our vision of being the best at enriching lives through our activities in healthcare, personal care, leisure and transportation,” Hemas Group CEO Steven Enderby said.
“It is important for us to have the capital base to continue this growth trajectory while becoming increasingly focused on our strong presence in healthcare and personal care. We thank our shareholders for the confidence placed in our business,” he added.
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