Asiri to place 3.4% stake with Actis for Rs. 845 m

Monday, 21 September 2015 00:00 - - {{hitsCtrl.values.hits}}

Funds to be used to buy 68% stake in Central Hospital as part of consolidation

Asiri Hospital Holdings has decided to sell 38.4 million ordinary shares by way of a private placement to Actis Investment Holdings, a private equity firm, at a price of Rs. 22 per share for a total of Rs. 845.7 million, the company said in a statement to the Colombo Stock Exchange (CSE).

The sale will constitute 3.38% of the company after the issue, it said.

“The proceeds of the private placement will be used to partly fund the purchase of 67.9 million ordinary share of Central Hospital Ltd. which will result in the company consolidating its direct stake in the Central Hospital from 68.1% to 99.7%,” Asiri Hospitals said.

The private placement will be subject to the CSE approving in principle the issue and listing of such shares and obtaining shareholder approval at a General Meeting.

An Extraordinary General Meeting (EGM) will be convened to get shareholder approval for the private placement by way of a special resolution, the company said.