09 Dec - Renuka Holdings to raise Rs. 1 b via Rights Issue on CSE digital platform.

Renuka Holdings PLC (RHL) has raised Rs. 1.031 billion through a rights issue ending December 16 to refund debt and finance future investments to group affiliates,
According to a circular issued to its shareholders.According to the circular, the new Ordinary Voting Shares will be issued at a price of Rs. 14 amounting to Rs. 93,486,356. The new Ordinary Non-Voting Shares will be issued at a price of Rs. 10 amounting to Rs. 96,426,220.

The entire proceeds expected to be raised through the Rights Issue is Rs. 103,128,978. Renuka Holdings PLC ordinary share price closed as at 7 December as at Rs. 15.10 and its net asset value per share as at 30 September was Rs. 62.87.

For the six months ended 30 September 2020, the organization recorded a turnover of Rs. 4.2 billion, a net profit of Rs. 208 million and equity referrible to shareholders of Rs. 6.4 billion.

The group consists of two main verticals – Food and Beverage, and Property and Investment. Renuka Holdings’ interest in this sector is owned through Renuka Foods PLC, which consists of: Agribusiness – Renuka Agri Foods PLC and Renuka Agri Organics Ltd., Sri Lanka’s leading coconut-based food and beverage manufacturers, Renuka Teas Ceylon Ltd. – a speciality organic and superfood tea enterprise and Kandy Plantations Ltd., Sri Lanka’s largest owner of organic certified coconut lands.

The FMCG business is led by Richlife Dairies Ltd., which is within the top five dairy companies, and Shaw Wallace Ceylon, the owner of the leading brands of canned fish, snacks, among other brands.

In the Property and Investment sector, the ongoing construction of its flagship development ‘Galle Face Icon’ is progressing well with all piling work complete and excavation ongoing by Sanken. The construction will be above ground by April 2021.

The Directors of the Company are I.R. Rajiyah, Dr. S.R. Rajiyah, S.V. Rajiyah, L.M. Abeywickrama, S. Dominic, T.K. Bandaranayake, J.M. Swaminathan, A.L. Rajiyah, V. Sanmugam and J. J. B. A. Rajiyah.

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