John Keells Holdings (JKH.SL;LKR200.0,JKH.W22;LKR23.0, JKH.W23; LKR41.4) today announced that the company’s board of directors would be recommending a sub-division of shares of 7 existing shares into 8 shares which is subject to approval at its Extraordinary General Meeting. The said issue would not be increasing the stated capital of JKH, but would increase its number of shares in issue by 142.5 mn shares to a total of 1,190.3 mn shares.Meanwhile the no of warrants to be issued would also be adjusted to 50.3 mn each whilst the exercise price of the Warrants expiring in 2015 (JKH.W022) would be adjusted to LKR161.87 and of those expiring in 2016 to LKR170.6. Thus the amount to be raised would be unchanged at LKR16.7 bn. The effective date as mentioned in the disclosure to the Colombo Stock Exchange is 25th June 2015.The warrants were issued along with the Rights issue of LKR23.1 bn (USD171 mn) held in October 2013. Thereby the Warrants are expected to raise a further LKR16.7 bn (USD124 mn) to meet the equity requirement of the USD820 mn Waterfront integrated resort (IR) project. While USD300 mn would be in equity, debt of USD445 mn is expected to be drawn in and the remainder in pre-sales and land infusion. The IR which commenced construction in May 2014 is expected to take 3-4 years for completion and is constructed by a consortium consisting of international contractors and local companies.
- JKH Event Update - May 15-LC.pdf
- You don't have permission to download attachments.
- (537 Kb) Downloaded 1 times