JKH says no move yet on Rights for $ 850 m resort

Saturday, 13 July 2013 00:34 - - {{hitsCtrl.values.hits}}

Reuters: John Keells Holdings PLC, Sri Lanka’s biggest conglomerate, said on Friday that it had not taken a decision to raise $ 300 million through a rights issue to finance an $ 850 million luxury resort. The head of the Board of Investment Lakshman Jayaweera said on Thursday that a Keells subsidiary would go for a rights issue to raise $ 300 million in the international market to finance the mixed-development project. “The board of directors of John Keells Holdings has not made any decision with regards to a rights issue,” the company said in a filing with the Bourse. The board only approved the project in principle, subject to receiving all approvals, it said. Following the announcement, some stockbrokers had voiced concern about how the company would finance the project and it was likely to be value destructive if there was no casino. Shares in Keells, which gained 2.6% on Thursday, were down 1.3% at 0832 GMT on Friday.

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