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Friday, June 24, 2011

LDEV now under Lankem Plantations Holdings

Lankem Ceylon PLC (LCEY) in a statement to CSE said that its earlier subsidiary Lankem Developments PLC (LDEV) has now become an indirect subsidiary of the company.

The statement further said that Lankem Plantations Holdings is the company’s immediate parent followed by the recently concluded rights issue. Accordingly, Lankem Plantations Holdings now holds 56.25% of LDEV whilst Lankem Ceylon (LCEY) earlier held a little over 50% of LDEV prior to rights issue.

Mirror Business earlier reported that though Lankem Ceylon PLC (LCEY) subsidiary Lankem Developments (LDEV) was to raise Rs.2.5 billion via rights, it has only managed Rs.1.32 billion as at June 7 as per a stock exchange statement by the company.

Meanwhile, Mirror Business exclusively reported in May that many investors in the outskirts of Colombo have missed to accept Lankem Developments (LDEV) rights entitlement or to deposit rights through renunciation to Central Depository System (CDS) due to the postal delivery delay that prevailed in the country.

source - www.dailymirror.lk