The company plans to use the funds to help finance its two power projects in Matara and Horana.
rnThe group will issue Rs. 200 mn worth of two-year unsubordinated, unsecured and redeemable debentures with interest payable semi annually. A further Rs. 200 mn worth of four-year debentures with interest payable either annually or semi annually will also be issued. Both issues will be listed on the bourse
quote s main board.
rnSubscriptions for the issue will open on March 26.
rnFitch Ratings Lanka Ltd. last year gave the group
quote s short-term debt a SLAA rating. The rating denotes a very low expectation of credit risk and indicates very strong capacity for timely payment of financial commitments.
rnOn of the Group
quote s subsidiaries Ace Power Generation Matara Ltd., will also issue Rs. 180 mn worth guaranteed, redeemable debentures on March 14. These debentures will be listed.
rnThe Group began diversifying its activities into the power sector in 1996, to reduce its high exposure to tourism. rn