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Marawila Resorts in Rs.367mn cash call to retire debt

26 February 2015 06:23 am - 0     - {{hitsCtrl.values.hits}}

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The board of directors of Marawila Resorts PLC has resolved to raise Rs.367.5 million from the shareholders through a rights issue to settle the interest-bearing debts, subject to shareholder and Colombo Stock Exchange approval.

To this end, the company plans to issue 122.5 million rights, priced at Rs.3 per share in the proportion of one new ordinary share for every existing ordinary share.

The company said the rights issue shares would not be underwritten.

As at December 31, 2014, the company’s long and short-term interest-bearing borrowings amounted to Rs.284 million and Rs.139.3 million, respectively.
The company in 2012 announced that it was building 56 new rooms at a budgeted cost of Rs.350 million. For this, loans had been drawn from Hatton National Bank.
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