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•  Major shareholders not subscribing to rights

Hemas Holdings PLC (HHL) said its recently announced Rs.4 billion rights issue has drawn high interest from both foreign and domestic investors.
Esufally family members, who own about 70 percent of the company had said, they would not be subscribing to the rights.

“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,” Hemas said in a stock exchange filing.

The company is raising money through the rights to pursue strategic investment opportunities in its core business sectors.

Hemas has interests in FMCG, hospitals and pharmaceuticals, logistics and leisure. 

The company divested its power business last year for a consideration of Rs.1.7 billion. 

Market sources said the company was actively looking for strategic investments in the FMCG sector either in Sri Lanka or in the region.

Hemas has FMCG interests in Bangladesh. The company launched its own distribution network in Bangladesh last November.