HWIC Asia Fund converts debentures in JKH, raising stake to 24.31%

HWIC Asia Fund, the largest shareholder of John Keels Holdings (JKH), has exercised its option to convert 98,125,000 debentures, with a face value of Rs.12.76 billion.
On August 12, 2022, JHK issued 208,125,000 LKR-denominated unlisted debentures, with a convertible option, with a face value of Rs.27.06 billion to HWIC. 
The debentures were issued at Rs.130 per debenture, with the option for conversion to ordinary voting shares, based on the approval granted by the shareholders at the time. 
On February 29, 2024, HWIC partially converted 110,000,000 debentures, JKH said in a filing. 
JKH has issued and listed 1,079,375,000 new ordinary voting shares of the company, as adjusted for the recently concluded rights issue and sub-division of shares, in accordance with the Debenture Deed, which was initially approved by the shareholders on August 4, 2022. 
The dilution from this issuance is 6.13 percent, based on the number of ordinary voting shares outstanding as at January 22, 2025, post this conversion.
HWIC has a shareholding of 24.31 percent of the company as at the date of the announcement, JKH said. 
There are no outstanding convertible debentures as all debentures originally issued have now been fully converted.