Wednesday, 24 November 2010

Overseas Realty Rights issue fully subscribed

The rights issue of Overseas Realty (Ceylon) PLC has been fully taken up by the shareholders of the company, raising a total of Rs 4.35 billion, the organisation said this week. Overseas Realty, developer and owner of the World Trade Center Colombo and the developer of the Havelock City project, offered 281 million shares in the proportion of one Ordinary Share each for every two Ordinary Shares held in the capital of the company by way of a Rights Issue.

The company said the funds raised through this rights issue was for the compulsory redemption of the Non Convertible Cumulative Redeemable Preference Shares (NCCRPS) that were issued by the company and subscribed to by Shing Kwan Investment (Singapore) Pte Ltd. Shing Kwan Investment is a member of the Shing Kwan Group, the major shareholder of Overseas Realty.

(Source: Sunday Times)

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