Pelwatte Sugar delays Rs. 306 m Rights pending bill

Pelwatte Sugar Industries Plc said yesterday it was delaying the Rs. 306 million Rights Issue until the outcome of the proposed Expropriation Bill/Act.

The company previously announced a one for four Rights Issue at Rs. 18 each.

However, the Expropriation Bill which is to be tabled in Parliament next Wednesday has listed Pelwatte Sugar Industries among underutilised assets for takeover.

Funds via Rights were to increase the capital of Pelwatte Sugar Industries considering that the net assets are less than half of the stated capital as at 31 March 2011. The stated capital is Rs. 679.7 million.