Last Updated : 2019-01-22 16:20:44

Apps Advertising Home Delivery Feedback

Vidullanka in private placement deal to purchase Ugandan hydro power plant

1 March 2017 10:27 am - 0     - {{hitsCtrl.values.hits}}


Vidullanka PLC (VLL), a mini hydro operator said it was carrying out a private placement of shares to partly settle the purchase of a mini hydro project in Uganda, subject to Colombo Stock Exchange and shareholder approval. 
The company expects to issue a maximum of 10 million shares to Timex Garments (Pvt) Ltd., to raise Rs.50 million. The share issue would result in a 3.9 percent increase in VLL’s stated capital and a maximum of 1.34 percent increase in the number of shares in issue.

The current stated capital of VLL stands at Rs.1.23 billion.
The Ugandan mini hydro, Timex Bukinda Hydro (U) Limited, is yet to sign a standard power purchasing agreement with Ugandan authorities for the development of 6.5 mega watt   Bukinda Smalll Hydro Power plant.
However, VLL said all other necessary studies and approvals have already been secured. This is not the first time VLL is carrying out a private placement of shares to fund an acquisition.
In 2015, the company issued 31.25 million shares by way of a share swap to Jaywise Construction (Pvt) Ltd., to partly fund the acquisition of Lower Kotmale Oya Hydro Power plant. 


  Comments - 0

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

Ministers using cocaine: Ranjan undertook a govt. contract - Gammanpila

While claiming that State Minister Ranjan Ramanayake’s recent remarks on co

Expedient Politics Toy with Executive Presidency

When politicians do something to advance themselves politically, something th

Color code for all sweets, biscuits from April 2

A Colour Code System (CCS) indicating sugar and salt levels in packaged food