Nov 02, 2015 (LBO) – Sri Lankan health care provider Nawaloka Hospitals on Monday said a proposed construction work has been delayed due to a detection of an underground sewage line under Nawaloka Hospitals.
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The company raised 1.5 billion rupees through a debenture issue in 2013 partly to build a multi-storey building with car park, channeling, and OPD facilities adjoining the existing hospital.
The total cost of the project was estimated at 1,400 million rupees.
1,215 million for the project was to be funded through the debenture issue and rest of the proceeds was to re-finance existing loans.
“The approval for the design by the Authorities was delayed with the detection of an underground sewerage line which had to be re-located from the proposed site,” the company said in a stock exchange filing.
The adjusted timeline for the Project has now been delayed from earlier scheduled May 2016 to September 2016.
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So far however only 45 million rupees has been used for the above purpose while 920 million rupees has been utilized to settle some of the loans and the balance 250 million rupees has been retained as a Fixed Deposit.
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“It was prudent to utilize some of the funds ear-marked, to pay the debt which was more advantageous to the Company and to the Shareholders than investing it in fixed deposits due to the severe drop in the interest rates for fixed deposits.” the company said.
The company further said shareholder approval or a market announcement was not necessary as there was no major deviation of the project.