Monday, September 26, 2011

Singalanka becomes acquisition savvy


Singalanka Standard Chemicals Co PLC is currently negotiating with six chemical and pharmaceutical companies with the hope of acquiring them.

Negotiations are underway and we will soon announce the results when we reach finality with the negotiations, Singalanka Chairman Varuna Arambage told Daily News Business yesterday.

The recent Rs 228 million Rights Issue which was three shares for every one share held was also in that direction and the issue was oversubscribed by over double when it raised Rs 473 million.

The excess funds have already been refunded to the applicants.

The company’s Rights Issue also saw the major shareholder- Gulf East Finance Co Ltd increasing its stake by 2,668,255 shares to 3,284,000 shares which accounts for 59.27% of the shares of Singalanka Standard Chemical Company.

source -

No comments: