Sri Lanka East West Properties eyes leisure investments with rights issue

Jan 05, 2011 (LBO) – Sri Lanka’s East West Properties plans to make a rights issue to raise funds to invest in the booming tourism industry and for working capital for ongoing projects, a stock exchange filing said. “The purpose of the rights is to provide working capital for the ongoing funding of East West Properties projects and to build a land bank of properties suited for the hospitality and leisure industry,” the statement said. The company plans to issue 103 million shares at 10 rupees each. It will issue three new ordinary shares for every one existing share.

The current stated capital of the firm is 175.2 million rupees.