TKS Finance Limited is proposing a rights issue of 1:7 to raise a total of Rs109 million to increase the stated capital of the company to Rs1 billion.
The current stated capital of the company is Rs 902 million and the rights issue will enable the company to meet the minimum stated capital of Rs1 billion as per the Central Bank (CBSL) Guidelines.
The main shareholder of the Company, Dato Seri Tiong King Sing, is expected to duly subscribed his full entitlement of the rights issue . The company had also decided to allow the staff of the company and some of its depositors to subscribe to the rights issue to enable them to benefit from the future capital gain, being shareholders of the company. Some senior officers of the TKS staff and some depositors have already consented to subscribe shares of the right issue. The company is expected to be listed at the Colombo stock exchange by the 3rd quarter of 2019.
At the same time a Malaysian company, has signed a Letter of Expression of Interest to take up a strategic stake in the company subject to a due diligence to be conducted.
The Malaysian company is a venture capital company and is involved in IT technology and their participation in a strategic stake in the company, will contribute towards the future growth of the company particularly with the introduction of IT Infrastructure into the finance business and enabling the company to be more competitive against its peers
The Board of Directors of the TKS Finance Ltd observed that subscription of the rights issue by the staff of the company is very encouraging and it reflects the confident the staff has kept on the company, in which, they see the potential value in their investment. Certain selected depositors will participate to subscribe for the rights issue to enable them to benefit the future capital gain as and when the company is listed at the CSE.
The completing of the rights issue is expected to be completed by end of August 2018.
The current stated capital of the company is Rs 902 million and the rights issue will enable the company to meet the minimum stated capital of Rs1 billion as per the Central Bank (CBSL) Guidelines.
The main shareholder of the Company, Dato Seri Tiong King Sing, is expected to duly subscribed his full entitlement of the rights issue . The company had also decided to allow the staff of the company and some of its depositors to subscribe to the rights issue to enable them to benefit from the future capital gain, being shareholders of the company. Some senior officers of the TKS staff and some depositors have already consented to subscribe shares of the right issue. The company is expected to be listed at the Colombo stock exchange by the 3rd quarter of 2019.
At the same time a Malaysian company, has signed a Letter of Expression of Interest to take up a strategic stake in the company subject to a due diligence to be conducted.
The Malaysian company is a venture capital company and is involved in IT technology and their participation in a strategic stake in the company, will contribute towards the future growth of the company particularly with the introduction of IT Infrastructure into the finance business and enabling the company to be more competitive against its peers
The Board of Directors of the TKS Finance Ltd observed that subscription of the rights issue by the staff of the company is very encouraging and it reflects the confident the staff has kept on the company, in which, they see the potential value in their investment. Certain selected depositors will participate to subscribe for the rights issue to enable them to benefit the future capital gain as and when the company is listed at the CSE.
The completing of the rights issue is expected to be completed by end of August 2018.
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