Lankem Ceylon PLC will raise Rs.1.2 billion via a rights issue of 17,156,919 shares at Rs.70 and proposes a 2-for-1 share subdivision, subject to exchange and shareholder approvals. Proceeds are earmarked to settle a related-party due and partly repay bank loans.
Colombo bourse closed the shortened week with the ASPI up 2.9% and S&P SL20 up 3.5%, average daily turnover Rs.3.67bn, led by gains in JKH, LOLC, CARS, EBCR and SAMP; foreigners recorded a net inflow of Rs.157.2m.
Colombo Stock Exchange rose 0.40% as the US-China tariff truce lifted sentiment; ASPI gained 64.40 points to 16,379.39, led by gains in John Keells, LOLC, Carson Cumberbatch, E B Creasy and Sampath Bank.
Darley Butler & Company (a wholly owned subsidiary of E B Creasy) bought 9,011,079 shares of Lankem Ceylon PLC at Rs90 each, raising its holding to 18.5% of the company. Lankem shares closed up 2.84% at Rs86.90.