Tuesday, May 3, 2011

Textured Jersey IPO, placement approved

By Indika Sakalasooriya


The Rs.1.74 billion pre-IPO private placement and the Initial Public Offering (IPO) of Textured Jersey Lanka Private Limited (TJL) expected at the Colombo Stock Exchange shortly, has been approved by the shareholders of Pacific Textiles Holdings Limited (PTHL) of Hong Kong, which owns 60 percent of TJL through its 100 percent owned subsidiary, Pacific Textured Jersey Holdings (PTJH).

PTHL on April 29, disclosed to the Hong Kong Stock Exchange that the shareholders of the company have approved the Ordinary Resolution on the revised caps, pre-IPO placement and the TJL IPO and Waiver, by way of a poll in a recently held Extra Ordinary General Meeting (EGM).

As of the disclosure, only 0.25 percent of total shareholders had cast their vote against the Waiver and the TJL IPO, while 0.04 percent of the votes cast were against the pre-IPO private placement. The revisal of annual caps did not meet any objection.

According to Practice Note 15 of the Hong Kong Stock Exchange, PTHL was expected to provide its shareholders with an assured entitlement to TJL Shares. However, considering the small size of the TJL IPO, the PTHL directors sought for a Waiver from minority shareholders of the company.

According to an earlier disclosure made by the PTHL, which is the 60 percent owner of the TJL through its 100 percent owned subsidiary of PTJH, about 116 million shares of TJL would be issued in placements, each share indicatively priced at Rs.15 or US$ 0.1376.

source  - www.dailymirror.lk

No comments: