Colombo Fort Land becomes Lankem’s parent

Friday, 16 February 2018 00:00 - - {{hitsCtrl.values.hits}}

Lankem Ceylon Plc said yesterday that consequent to the recently concluded Rights Issue and the change in shareholding structure, The Colombo Fort Land and Building Plc has become the immediate parent with a 45.49% stake.

Previously, the parent was E. B. Creasy and Company and post Rights, its stake in Lankem is 32.42%. E. B. Creasy said it will recognise Lankem as an associate company as opposed to a subsidiary.

Lankem in November last year had 1 for 2 Rights at Rs. 40 each. Original issue was 12 million shares worth Rs. 480 million but final amount raised was Rs. 394 million involving 9.85 million shares.