Gestetner of Ceylon Plc has announced plans to raise Rs. 45.5 million via a Rights Issue to further enhance its business.
The company’s Board of Directors has resolved to issue Rights on the basis of one new share for every six held at Rs. 120 per share.
Gestetner has 2.278 million of ordinary shares in issue and the proposed move will create 379,687 new shares.
The last traded price of Gestetner was Rs. 158 on Friday. Its net assets per share as at 31 December 2014 was Rs. 74.24 at the group level and Rs. 64.87 at the company level, up from Rs. 53.21 and Rs. 47.09 from a year ago.
Funds will be used for the purpose of infusing fresh capital into the company for investment in software, equipment and manpower in order to offer solutions to customers, adopting global trends in IT and office automation sectors.
Gestetner saw group revenue up 7% to Rs. 172 million in the third quarter and by 11% to Rs. 448.6 million during the first nine months of FY2015.
After-tax profit grew by 20% to Rs. 21.3 million in the third quarter and by 57% to Rs. 46.3 million during the first nine months. In FY2014, after-tax profit was Rs. 31.3 million.
The Rights Issue is subject to regulatory and shareholder approval.
Gestetner (Eastern) Ltd. holds 49% stake in the company. Other major shareholders include A.A.N. de Fonseka (16.6%) and R.H.S. Phillips (12.3%).
www.ft.lk
The company’s Board of Directors has resolved to issue Rights on the basis of one new share for every six held at Rs. 120 per share.
Gestetner has 2.278 million of ordinary shares in issue and the proposed move will create 379,687 new shares.
The last traded price of Gestetner was Rs. 158 on Friday. Its net assets per share as at 31 December 2014 was Rs. 74.24 at the group level and Rs. 64.87 at the company level, up from Rs. 53.21 and Rs. 47.09 from a year ago.
Funds will be used for the purpose of infusing fresh capital into the company for investment in software, equipment and manpower in order to offer solutions to customers, adopting global trends in IT and office automation sectors.
Gestetner saw group revenue up 7% to Rs. 172 million in the third quarter and by 11% to Rs. 448.6 million during the first nine months of FY2015.
After-tax profit grew by 20% to Rs. 21.3 million in the third quarter and by 57% to Rs. 46.3 million during the first nine months. In FY2014, after-tax profit was Rs. 31.3 million.
The Rights Issue is subject to regulatory and shareholder approval.
Gestetner (Eastern) Ltd. holds 49% stake in the company. Other major shareholders include A.A.N. de Fonseka (16.6%) and R.H.S. Phillips (12.3%).
www.ft.lk
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