Colombo Dockyard postpones rights issue

Colombo Dockyard PLC has postponed its planned rights issue, citing unavoidable circumstances, the shipbuilding and repair company said in a regulatory filing.

The proposed issue, aimed at raising over Rs. 12.93 billion through the sale of 323.4 million new ordinary voting shares at Rs. 40 each, was designed to strengthen the company’s working capital and address operational funding pressures. 

Shareholders were to be entitled to subscribe for nine new shares for every two held.

Colombo Dockyard said it will notify revised timelines once it secures the necessary regulatory approvals.