Pelwatte Sugar delays Rs. 306 m Rights pending Bill

Friday, 4 November 2011 14:43 - - {{hitsCtrl.values.hits}}

Pelwatte Sugar Industries Plc said today it was delaying the Rs. 306 million Rights Issue until the outcome of the proposed Expropriation Bill/Act.

The Company previously announced a one for four Rights Issue at Rs. 18 each.

However the Expropriation Bill which is to be tabled in Parliament next Wednesday has listed Pelwatte Sugar Industries among underutilized assets for takeover.

Funds via Rights were to increase the capital of Pelwatte Sugar Industries considering that the net assets are less than half of the stated capital as at March 31, 2011. The stated capital is Rs. 679.7 million.