Hemas Holding PLC announced to the Colombo Stock Exchange that the company is proposed to issue of 57,254,513 ordinary shares by way of a 1 for 9 rights Issue.
The statement stated “We wish to inform you that the Board of HHL has received a written statement from the major shareholders of HHL namely Messrs. A Z Holdings (Private) Limited, Messrs. Saraz Investments (Private) Limited, Messrs. Blueberry Investments (Private) Limited, Amagroup (Private) Limited, Mr. Murtaza Esufally, Mr. Husein Esufally Mr. Imtiaz Esufally and Mr. Abbas Esufally. The major shareholders, have informed HHL that they have received strong expressions of interest from reputed international institutional investors and domestic investors who want to become shareholders of the company or to increase their existing shareholding in the company, in order to accommodate this interest the major shareholders have decided not to subscribe for their rights, enabling these interested parties to become shareholders or increase their shareholding in HHL, with the objective of further broad basing the ownership of the Company and increasing the historically poor liquidity of the HHL share.
The major shareholders have assured the Board that they will remain fully committed to the ongoing success of HHL and that they consider this rights issue as an important step in expanding the capital base of the business and providing the funds for the growth plans of HHL
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