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Tuesday, June 7, 2011

ALUF to raise Rs.431 mn via Rights, PP

Alufab PLC (ALUF), a company that witnessed it shares rallying in the market in the recent past, informed the Colombo Stock Exchange yesterday that they are hoping to raise over Rs.431 million through rights and a private placement.

Accordingly, two (02) new Ordinary Shares for every one (01) existing Ordinary Share
held, at a price of Rs.38.00 (a total of 8 million rights) will be issued to existing shareholders as rights.

Subsequent to the rights issue, the company will also convert debt obtained from Directors P. Johan Classeon, T.N. Dole and related parties to equity issuing 3.5 million shares at Rs.38 each. Company’s current stated capital is represented by 4,019,400 ordinary voting shares.

The notice said that the rights issue and the private placement is subject to CSE approval and shareholder consent at an Extra-ordinary General Meeting.

Earlier, massive losses disclosed by the company surprised punters and retailers at the Colombo Stock Exchange. ALUF shares suddenly rose by 26% yesterday, after the announcement.

source - www.dailymirror.lk