Sri Lanka’s Tess Agro in Rs117mn cash call

CEAT Kelani Holdings Managing Director Ravi Dadlani (right) and Lanka Ashok Leyland CEO Umesh Gautham exchange the OEM agreement

Sept 18, 2013 (LBO) – Sri Lanka’s Tess Agro, a fish exporter has made a 117 million rupee cash call to finance a European marketing arm and a domestic project. . The Tess Agro said it wants to sell 60 million ordinary shares at 1.50 rupees to shareholders at the rate of one for every three existing ones.

Another 30 million non-voting shares will be sold at the rate of one for every six existing shares for 90 cents a share.

The firm said the money will be used to fund a marketing arm in Belgium and a project to build facilities in Sri Lanka’s Muthurajawela area.

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