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Fri, 24 October 2014 19:18:07
Sri Lanka shoe company to raise fresh capital
23 Jun, 2010 15:03:28
June 23, 2010 (LBO) – Sri Lankan shoe company Ceylon Leather Products plans to raise fresh capital to settle debt, expand and invest in new ventures by issuing rights, a stock exchange filing said.
It plans three warrants issues that would be attached to a one-for-one rights issue. The rights issue is priced at 73.00 rupees per unit.

Ceylon Leather's 2011 one-for-one warrant is priced at 102.00 rupees and its 2014 two-for-one warrant is priced at 118.00 rupees, while its 2015, two-for-one warrant is priced at 142.00 rupees.

The stock exchange filing said the newly raised capital will be used to expand business and to settle outstanding debt.

The firm is also looking at other opportunities to invest in assets that are both publicly and privately held, the statement said.

Ceylon Leather Products is a shoe company that mainly manufactures military boots, demining boots and general footwear for the Sri Lankan armed forces.

In its financial year ending March 2010, the firm made a net profit of 42 million rupees, its March quarter earnings showed.

Ceylon Leather's top shareholders at 31 March 2010 were Environmental Resources Investments (ERI) (49.81%) and Lionhart Investments (23.79) which controls ERI.

Updated

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