May 24, 2007 (LBO) – Shareholders of Dialog has approved its 15.5 billion rupee rights issue which is the highest cash call made on the Colombo Stock Exchange, the company said. Dialog says the financing forms a part of a larger medium term funding programme, which would include more local and off-shore debt infusions to leverage its equity base.
Dialog parent Telekom Malaysia has been selling down its stock to selected foreign investors over the last week.
Analysts say the money raised would cover most of its cost of subscribing to the rights issue.
œWe have the utmost faith in the Sri Lankan market, the investment environment facilitated by the Government of Sri Lanka, and the enabling environment we have enjoyed under the aegis of the Telecommunications Regulatory Commission, the BoI and the Ministry of Media Telekom Malaysia Chief Executive Yusof Annuar Bin Yaacob said in a statement.
œWe will continue to invest in Sri Lanka as we have done in the past with the objective of providing excellent and technologically advanced services to the Sri Lankan consumer
The rights are coming at 21 rupees a share and another preference share issue w