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Jetwing Symphony to raise Rs.500mn via rights issue

26 Sep 2022 - {{hitsCtrl.values.hits}}      

Jetwing Symphony PLC is to raise Rs.500 million via rights issue subject to Colombo Stock Exchange and shareholder approval to settle loans of its subsidiaries. 
“The purpose for which the proceeds are to be utilised: Investment in the share capital of the subsidiaries of the company, namely, Jetwing City (Private) Limited, Cultural Heritage (Private) Limited and Pottuvil Point (Private) Limited to facilitate the settlement by such companies of amounts due and payable under loans and banking facilities obtained by such companies, with the amount being settled aggregating to Rs.498,000,000,” a stock exchange filing by the company said.
Accordingly, the company plans to issue 100 million ordinary voting shares at the proportion of one new share for every 5.02 ordinary voting shares held at Rs.5 per share. 
The current stated capital of the company is Rs.5.5 billion. 

The last closing price of Jetwing Symphony share was at Rs.13.80 and the net asset value per share as at June 30, 2022 was Rs.6.85.