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The Esufally family and related parties who control Hemas Holdings Plc have decided to accommodate growing interest from outsiders to become shareholders of the diversified blue chip. The company said it has received a statement from major shareholders who collectively control around 70% stake have received strong expressions of interest from reputed international institutional investors and domestic investors who want to become shareholders of the company or to increase their existing shareholding. “In order to accommodate this interest the major shareholders have decided not to subscribe to their rights, enabling these interested parties to become shareholders or increase their shareholding in HHL,” the controlling shareholders have said. The move is with the objective of further broad basing the ownership of HHL and increasing the historically poor liquidity of the share. The major shareholders who have written to the company are A.Z. Holdings Ltd., (17.6%), Saraz Investments Ltd., (16.7%), Blueberry Investments Ltd., (16.65%), Amagroup Ltd., (16.65%), Murtaza Esufally, Husein Esufally, Imtiaz Esufally and Abbas Esufally. They have assured the Board that they will remain fully committed to the ongoing success of HHL and that they consider the Rights Issue as an important step in expanding the capital base of the business and providing the funds for the growth plans of HHL. Late last month, HHL announced its first-ever Rights Issue with the aim of raising Rs. 4.12 billion to finance new strategic investments. The HHL Board resolved to issue 1 for 9 rights issue at Rs. 72 each. HHL at present has 515.29 million shares in issue (stated capital is Rs. 1.6 billion) and the planned rights will see the creation of 57.254 million shares. “It is intended that the proceeds of the issue be used to pursue strategic investment opportunities in the core sectors of the group,” HHL said. Public float of HHL is 28.25% while the company has 4,723 shareholders. Foreign holding in HHL is 21.6% and the major foreign institutional shareholder is as at December 2014 was Franklin Templeton (7.2%). HHL recently announced it has increased consolidated operating profit from continuing operations by 21% to Rs. 1.5 billion in the first nine months of FY 2015. The group recorded revenue of Rs. 23.6 billion for the period, a growth of 19.5%. Key drivers of this growth were the Consumer, Healthcare and Leisure sectors. The consolidated operating profit for the period was Rs. 2.2 billion, recording a growth of 19.0%.