Marawila Resorts PLC announced to Colombo Stock Exchange that the Board of Directors of Marawila Resorts PLC at a meeting held this evening resolved to issue 122,500,000 Ordinary Shares at a price of Rs.3/- per share by way of a Rights Issue in the proportion of One (01) new Ordinary Share for every existing issued Ordinary Share, subject to approval by the Shareholders, Further the Board of Directors have resolved that, in their opinion, the consideration for which the shares to be issued is fair and reasonable to the entity and all existing shareholders.
The purpose of the issue is to settle the interest bearing borrowings of the Company,
The Stated Capital of the Company is Rs, 1,001,000,000/-,
The Rights Issue of Shares will not be underwritten.
Further, the Rights Issue is subject to the Exchange approving, in principle, the issue and listing of shares and obtaining Shareholder approval at an Extraordinary General Meeting