Lankem to proceed with private placement

Lankem Ceylon PLC is to proceed with a private placement of 500,000 rated Unsecured Unlisted Redeemable Debentures of the value of Rs 1,000 each aggregating Rs 500 million, a Colombo Stock Exchange filing said yesterday.

An application seeking approval for the placement will be submitted to the Securities and Exchange Commission of Sri Lanka (SEC) by the company shortly. NDB Investment Bank will function as the structuring and placement agent to the issue.