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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Will JKH look at private share placement to raise new capital?

Will JKH look at private share placement to raise new capital?

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sriranga

sriranga
Co-Admin
Analysts speculated yesterday on the possibility of the John Keells Holdings conglomerate exploring the possibility of a private placement of shares to raise new capital for its USD 850 million mega development project on prime real estate belonging to the group in Colombo-2.

JKH had been keeping plans for this Beira Lakefront project under wraps for the past several months and made a brief stock exchange filing after Investment Promotion Minister Lakshman Yapa Abeywardene recently indicated that an agreement between JKH and the BOI was imminent.

Lanka Business Online Thursday filed a report quoting BOI chief Lakshman Jayaweera saying that a USD 300 rights issue will be floated internationally by JKH. No sooner this report went on the wire, JKH went on record saying that its board ``had made no decision about a rights issue.’’

Jayaweera made no denial or clarification of the remark attributed to him by LBO leading to speculation that he may have mistakenly used the words ``rights issue’’ instead of ``private placement.’’

LBO said that JKH executives left soon after the signing of the agreement and were not present when the BOI chief talked to reporters. The new service also said that JKH Chairman/CEO Susantha Ratnayake did not take questions put to him at the event.

JKH shareholders believe raising capital abroad by private placement, if the price is right, would benefit all shareholders of the conglomerate where foreign funds are among the biggest shareholders.

Insiders said that JKH wanted to keep its plans under wraps until all regulatory approvals were in place. There was speculation that the group was looking at a casino licence but the company was tight-lipped on this subject which was not mentioned in its stock exchange filing on the project.

It is widely expected that a casino will be part of the mixed development strategic investment which includes a 500-room luxury hotel.

The last rights issue of JKH which was fully subscribed was pricey leading to suspicion of an effort to dilute some large shareholders. But these shareholders took up their rights and additionals although it was unclear whether they had judged the market right.

The recent bull run on the CSE followed by bearish sentiments was largely attributed to the up and down movement of the JKH share which nudged a 52-week high of nearly Rs. 300 recently largely on foreign demand for the share but later went below Rs. 250 with foreign interest drying up.
http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=83525

http://sharemarket-srilanka.blogspot.co.uk/

ccsentha


Vice President - Equity Analytics
Vice President - Equity Analytics
why should they be tight lipped? there aren't many companies in SL which can challenge them, isn't it?

wht would be the pay back period of this mega project? surely it will be many years before the project cancels out the cost and start to generate net income?

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Yes , why not ?

JKH  have clearly indicated that they will look at private share placement to raise new capital.

They will form a new company and JLK, CCS, and JKH will be the major shareholders.

The NEW COMPNY will go for a share issue to raise capital in the form of Private Placement , right issue or any other way.
Sometimes , they may give precedence to the current shareholders of above 3 entities before others.

IF they (JKH or other two) feel their cash is not enough to buy the shares of the New Company then they can go for separate right issues for them which I do not think necessary ( for JKH) at the moment.

Burpy


Senior Equity Analytic
Senior Equity Analytic
i think they have already lined up investors - may be property investors. no normal investment funds or investor will take up rights or private placement to fund a project ike this. Razz 

rainmaker


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
They could have just turned TransAsia into a casino .... instead of this cinnamon crap !

DP in hiding ? Wink 

Burpy


Senior Equity Analytic
Senior Equity Analytic
@rainmaker wrote:They could have just turned TransAsia into a casino .... instead of this cinnamon crap !

DP in hiding ?  Wink 

hmmm yes. i dont think JKH is making good investment decisions, i am surprised no one question them about over Rs 5 bn investment in loss makng BPOs in India, why they invested in Expo, access, etc. its shareholders money they are playing with. if they cant make good investments they are better off by distributing it to shareholders. No 

Rapaport

Rapaport
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
They must be tight lipped due to the casino factor and recent media attention to Packer's deal

Secondly their investors must have asked them to be tight lipped till everything is done and dusted! You dont wanna spoil the party ya??

Cheers!

ice4083


Senior Equity Analytic
Senior Equity Analytic
Can any listed company do a private placement of existing shares without first offering the rights to existing shareholders?

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
@ice4083 wrote:Can any listed company do a private placement of existing shares without first offering the rights to existing shareholders?

JKH went for a private placement in 2004. Refer their Annual report.

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
What would be the end result of JKH counter after taken into account all the facts indicated above seriously? Some are in opinion of that JKH will be surfacing at Rs.300/= level within 3 months period .
But tight lipped method may drag that period to next year.

Fresher


Moderator
Moderator
Any possibility of going for debt capital? They have a lot of room for that.
If it is a high yielding project, that might be cheaper i guess and there will definitely be a lot of takers

Amal J


Stock Analytic
Stock Analytic
there will b a rights issue on the way mark my work ull can have the announcement in 10 days. ;-)

13Will JKH look at private share placement to raise new capital? Empty JKH private placement price .Any idea? Tue Jul 30, 2013 12:36 pm

RANGANA PERERA


Manager - Equity Analytics
Manager - Equity Analytics
price 300 ++

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
I have no idea about a private placement of JKH shares. (Have they told anything like that ?)

Today, we saw much talked change-hand @ 265/-, just 1 million .
Earlier we were told to look around 250/- . I think last few weeks they tried to bring the price down . Finally done @ 265/-



Last edited by Chinwi on Tue Jul 30, 2013 2:15 pm; edited 1 time in total

Backstage

Backstage
Moderator
Moderator
I am wondering whether its stupid not to buy shares in a casino ? one with corporate governance at that.

rainmaker


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Backstage wrote:I am wondering whether its stupid not to buy shares in a casino ? one with corporate governance at that.

You tell me who's casino license are they getting. There you will find your answer about corporate governance

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