Sept 07, 2010 (LBO) - Sri Lanka's John Keells group sold down 37 million shares in Keells Hotels Limited raising around 800 million rupees for investments in growth areas including leisure and property, an official said.
"We are managing our balance sheet taking into account our plans for the future," JKH deputy chairman Ajit Gunewardene said.
"You already see investments in hotels. We will expand investments in hotel and property.
"As the economy growth we will invest. Most sectors are we in our growth sectors in the economy."
Before Tuesday's sale JKH had 82.9 percent of the hotel unit, which had been diluted through an earlier sell down of a rights entitlement.
The shares traded at prices around 21 rupees, and but are carried in the accounts at around 7.50 rupees. The sale may net around 500 million rupees in capital gains for the September quarter, analysts said.
The injection of capital will strengthen the group balance sheet.
source - www.lbo.lk
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