JKH shareholders approve Rs. 40 b fund raiser

Thursday, 3 October 2013 00:50 -     - {{hitsCtrl.values.hits}}

Shareholders of John Keells Holdings Plc (JKH) yesterday gave their approval for the Rs. 40 billion fund raising exercise to part finance the mega integrated project in Colombo 2. The endorsement was at the EGM convened yesterday for approval of the special resolution. JKH has proposed a Rights Issue of two new ordinary shares for every 13 held at Rs. 175. Two warrants are attached to the subscription of Rights on the basis of one warrant for every three Rights subscribed at Rs. 185 per warrant in two years and on similar basis at Rs. 195 per warrant in the third year. JKH has announced the country’s biggest private sector project, The Waterfront, an integrated resort inclusive of gaming with an investment $ 650 million. JKH stock price yesterday rose by 2% or Rs. 4.50 to close at Rs. 223.50 with 3.5 million shares traded for Rs. 786 million. It accounted for 60% of the market’s turnover.