Softlogic Capital goes for Rs. 1.3 b Rights to settle debt

Friday, 7 March 2014 06:59 - - {{hitsCtrl.values.hits}}

Softlogic Capital (SCAP) yesterday announced a 13 for 10 Rights Issue at Rs.3.40 per share (subject to approval). The funds raised from the Rights Issue, estimated at Rs.1.32 billion, will be utilised to strengthen the company’s balance sheet by settling certain outstanding debt. SCAP as at 31 December 2013, at Company level, has Rs. 1.35 billion in debt payable within one year and Rs. 277 million in borrowings payable after one year. At Group level, these amounts were Rs. 5 billion and Rs. 2.4 billion respectively. Net asset value per share of SCAP was Rs. 4.56 as at 31 December 2013, down from Rs. 5.19 a year earlier. SCAP share last traded on 28 February at Rs. 4.80, up from Rs. 4 closing in calendar year 2013. Highest price for the 31 December 2013 quarter was Rs. 5 and lowest was Rs. 3.40. The Company reported a loss of Rs. 189 million in the nine months ended in December 2013, down from Rs 302 million a year earlier. The Group reported a profit of Rs. 121 million as against a Rs. 183 million loss. Net loss attributable to equity holders was Rs. 21.6 million, down from a loss of Rs. 231 million. In the third quarter the bottom line was a positive Rs. 215.4 million, as against Rs. 91 million a year earlier. Softlogic Holdings Plc owns a 72% stake in SCAP whilst Melstacorp Ltd. holds 13% and Rosewood Ltd. 11%.

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