May, 17, 2018
Sunshine Holdings PLC (SUN) in a disclosure to Colombo Stock Exchange (CSE) recently said that the company’s Board of Directors resolved on 15th May 2018 to raise Rs. 775 million by way of a Private Placement through placing over 11.92 million ordinary voting shares to SBI Ven Holdings Pte Ltd at Rs. 65 per share. The company’s current stated capital is at Rs.798.5 million represented by over 136.49 million ordinary voting shares. The filing further added that the Private Placement is subject to CSE approving in principle the issue and listing of shares and obtaining shareholder approval at a General Meeting. Company will convene an Extraordinary General Meeting in this regard.
The disclosure further said that the purpose of the private placement is to reduce exposure to bank borrowings by repaying debt and or placing fixed deposits which would result in the net debt and net finance cost being reduced and said deposits being utilized to pay the interest and capital arising from the bank borrowings.