Thu, 29 Feb 2024 Today's Paper

Lankem in Rs.480mn rights issue; subsidiary buys PET bottle maker for Rs.225mn

By

8 May 2017 09:56 am - 0     - {{hitsCtrl.values.hits}}

A A A

Diversified manufacturing and trading conglomerate, Lankem Ceylon PLC, is gearing up for a rights issue worth Rs.480 million in the near future to settle inter-company borrowings and working capital requirements.
The issue, which is subject to approvals from the Colombo Stock Exchange and Lankem shareholders, will see 12 million new shares being issued in the proportion of one new share for every two existing shares, for a consideration of Rs.40 each.
Lankem shares were trading at Rs.57.40 per share last Friday. 
For the nine months ended December 31, 2016, the Lankem group had made a Rs.28.42 loss per share, deteriorating from a Rs.11.90 loss per share year-on-year, while revenue remained flat at Rs.12.27 billion.
Net assets per share were Rs.79.38 as at December 31, 2016, falling from Rs.108.63 per share at the start of the financial year. 
Loans due to related parties constituted Rs.428.10 million, while Rs.6.23 billion worth of interest bearing borrowings were recorded in the latest 
financial statements.

Meanwhile, J. F. Packaging (Private) Limited, a subsidiary in which Lankem recently gained full ownership, has purchased a PET bottle manufacturer named Kiffs (Private) Limited for Rs.225 million on the same day the Lankem board opted to go for a rights issue.


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

  Comments - 0

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine 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





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